6. ORAL CONTRACTS ARE NEVER BINDING

True

False

8. WHICH IS NOT A REQUIRED TERM IN A CONTRACT

PARTIES

PRICE

SUBJECT MATTER

NONE OF THE ABOVE: THEY ARE ALL REQUIRED

9. AN ILLUSORY CONTRACT IS A VALID CONTRACT:

True

False

11. WHICH OF THE FOLLOWING CAN BE AN EXAMPLE OF A SITUATION WHERE EXCHANGING MUTUAL CONSIDERATION IS NOT REQUIRED

PROMISSORY ESTOPPEL

PLEDGES TO A CHARITY

PROMISE TO PAY AFTER THE STATUTE OF LIMITATIONS HAS RUN

ALL OF THE ABOVE

13. IN ORDER FOR A MINOR TO DISAFFIRM A CONTRACT, THE MINOR MUST USUALLY SHOW - IN ADDITION TO THEIR MINORITY - THAT THE MINOR WAS:

NOT LEGALLY MARRIED AT THE TIME OF CONTRACT

THE CONTRACT WAS NOT MADE FOR A BUSINESS THEY LEGALLY OWNED.

BOTH A AND B

NONE OF THE ABOVE

14. USURY IS THE LENDING OF MONEY ABOVE THE MAXIMUM RATE ALLOWED BY LAW:

True

False

15. USURY IS THE CHARGING OF CREDIT RATES FOR APPLIANCE/FURNITURE PURCHASES ABOVE THE MAXIMUM RATE ALLOWED BY LAW:

True

False

17. THE IMPLIED AGENCY RULE DEALS WITH HOW TO ACCEPT AN OFFER

True

False

18. THE MAILBOX RULE SAYS YOU CAN NEVER ACCEPT AN OFFER BY REQULAR MAIL SINCE IT IS TOO SLOW.

True

False