It is senously intended.

It can be accepted by anyone who hears about it$.$

QUESTION $5$

Blake has subscribed to a local charitable association where he needs to make a monthly payment of $$100.$ However, a few months later, Blake stops paying this amount. Which of the following exceptions to the requirement of consideration will enforce that Blake pays the amount?

Composition of creditors

Voluntary subscriptions

Forbearance to cancel monthly subscriptions

Modification of sales contracts

QUESTION $6$

Mary contracts to sell Rachel her violin for $$10,000,$ based on an appraisal of the instrument. Their contract provides that even if the appraisal is later found to be mistaken, the sale price will not be altered. One month after the sale, Rachel learns that the violin is only worth $$5000.$ Which of the following is true:

Because the contract specified what would happen in the case of a mistake, the sale price will not be altered.

Mary must refund Rachel $$5000,$ because the appraisal was mistaken.

The contract is unenforceable, because the appraisal was mistaken.

The contract is void, because the sale is fraudulent.

QUESTION $7$

$2$ points

Which of the following is an example of passive fraud?

A homeowner tells a home buyer that the basement of the home never floods, when in fact the homeowner knows it has several significant leaks.

An attorney fails to tell his or her client of an offer to settle a case.

A thrift store sales clerk mistakenly tells a customer that a table is oak instead of pine.

A car salesman tells a customer that he believes the latest model of certain pickup truck is more reliable than previous models.

QUESTION $8$

$2$ points

A contract not to compete is valid in which of the following instances?

Two large businesses dividing sales territory for themselves to avoid competition

The buyer of a business prohibiting the seller from engaging in the same business in a certain town

A business agreeing not to operate in a state to eliminate competition in that state

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