1. Which of the following is a true statement?

Consequential damages are awarded in breach of contract cases to cover all the damages, even if remote, that resulted from the original wrongful breach of contract.

A creditor beneficiary can sue directly to enforce a promisor's promise made in an original contract.

A covenant not to compete in the sale of a business will be enforced but only if it does not unreasonably impair the ability of the covenantor (that is, the party making the promise not to compete) to make a good living for his or her family.

Statutes of Limitation are not enforceable since they may deprive a person of his/her "day in court."

2. Which of the following is a false statement?

A voidable contract is a valid contract that can still be avoided by at least one of the parties to it.

A quasi-contract has no legal efficacy since it is a "pretend" contract.

Pursuant to the common law "mirror-image" rule, an offer must be accepted in its entirety without modification or conditions or else no contract can be formed.

An advertisement is generally not treated as an offer to enter into a contract pursuant to U.S. law.

3. Which of the following is a true statement?

Legitimate competitive behavior can constitute wrongful interference with a contractual relationship if one's competitor cannot compete successfully.

Unintentionally causing a party to break a contract with another will constitute wrongful interference with a contractual relationship.

Slanderous per se statements include statements that a person has committed improprieties while engaging in a profession or trade.

Under the doctrine of strict liability, a defendant is liable for the results of his or her acts only if he or she intended those results.

4. Which of the following is NOT an Alternative Dispute Resolution procedure?

A lawsuit for breach of contract in a state court

Arbitration

Mediation

Online Dispute Resolution

5. Which of the following is true?

Offers may not be legally revoked before they are accepted under U.S. law since it would be unethical to do so.

An express contract must be in a formal writing prepared by an attorney.

Parties cannot form a contract without putting the terms in writing.

An executed contract is one that has been fully performed by all the parties to the contract.

An executed contract is one that has been fully performed by all the parties to the contract.