BUSI-2001-3,Business Law.2017 Winter Qtr 11/27-02/18-PT5 Quizzes Review Test Submission: Final Exam Week 6 Review Test Submission: Final Exam Week 6 Course Test Started Submitted Due Date Status BUSI-2001-3,Business Law.2017 Winter Qtr 11/27-02/18-PT5 Final Exam Week 6 2/15/18 12:12 PM 2/15/18 12:31 PM 2/19/18 1:59 AM Completed Attempt Score 145 out of 150 points Time Elapsed 19 minutes out of 2 hours and 30 minutes Instructions Results Displayed Submitted Answers, Correct Answers, Feedback Please answer each question below and click Submit when you have completed the Quiz. Question 1 Selected Answer: True Correct Answer: True Except as provided by statute, oral contracts are just as enforceable as written contracts. Question 2 Full performance is the most common method by which contracts are discharged. COURSES  MY HOME PAGE HELP 5 out of 5 points 5 out of 5 pointsSelected Answer: True Correct Answer: True Question 3 Selected Answer: True Correct Answer: True One of the elements necessary to establish fraud is a false statement or concealment of a material fact. Question 4 Selected Answer: True Correct Answer: True The UCC requires all parties entering a sales contract to perform their obligations in good faith. Question 5 Selected Answer: False Correct Answer: False The term goods includes intangible personal property such as shares of stock. Question 6 Selected Answer: True Correct Answer: True A check is an instrument that is payable on demand. Question 7 Selected Answer: True Correct Answer: False Gambling is a legal form of playing for stakes, such as in a lottery. Question 8 Selected Answer: False The parol evidence rule states that terms of a written contract can be changed by prior oral or written agreements. 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 points 0 out of 5 points 5 out of 5 pointsCorrect Answer: False Question 9 Selected Answer: True Correct Answer: True If the subject matter essential to the performance of the contract is destroyed through no fault of either party, the contract is considered discharged. Question 10 Selected Answer: True Correct Answer: True When money damages do not adequately and fairly compensate for a loss, the injured party can sue for speciÑc performance or request a court to issue an injunction. Question 11 Selected Answer: Correct Answer: In seeking damages, the victim of a breach of contract has a duty to Mitigate the damages Mitigate the damages Question 12 Selected Answer: Correct Answer: Jones sued Smith for breach of contract. The court awarded Jones damages of $1. This award is known as Nominal damages Nominal damages Question 13 Selected Answer: Correct Answer: The statute of limitations SpeciÑes the time within which a lawsuit can be Ñled SpeciÑes the time within which a lawsuit can be Ñled Question 14 The most common form of negotiable instrument is 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 pointsSelected Answer: Correct Answer: A check A check Question 15 Selected Answer: Correct Answer: A promissory note must contain Words indicating a promise to pay Words indicating a promise to pay Question 16 Selected Answer: Correct Answer: A check that contains the words three hundred Ñfty dollars and the Ñgures $3.50 is Payable in the amount of $350 Payable in the amount of $350 Question 17 Selected Answer: Correct Answer: Government regulation of business is designed to protect All of these All of these Question 18 Selected Answer: Correct Answer: Antitrust regulation at the federal level is based on the Sherman Act Sherman Act Question 19 Selected Answer: Correct Answer: The power to regulate interstate commerce comes from The U.S. Constitution The U.S. Constitution Question 20 Which of the following contracts is not covered by Article 2 of the UCC? 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 pointsSelected Answer: Correct Answer: A contract for services A contract for services Question 21 Selected Answer: Correct Answer: When Rosco was unable to pay the $1,000 he owed Lyden, Lyden agreed to let Rosco paint Lyden's house in payment. When Rosco Ñnished painting the house, his original obligation was discharged by Accord and satisfaction Accord and satisfaction Question 22 Selected Answer: Correct Answer: An agreement to rob a bank is an example of a Void contract Void contract Question 23 Selected Answer: Correct Answer: Which of the following is not required to be in writing? A contract that can be performed within 1 year from the date of the agreement A contract that can be performed within 1 year from the date of the agreement Question 24 Selected Answer: Correct Answer: A contract for the sale of goods or merchandise for $495.00 is Not required to be in writing Not required to be in writing Question 25 Selected Answer: Correct Answer: Usury laws provide protection in a contract that is For the loan of money For the loan of money 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 pointsThursday, February 15, 2018 12:31:46 PM EST Question 26 Selected Answer: Correct Answer: An example of a licensing statute is one that Requires an attorney to have a permit to practice law Requires an attorney to have a permit to practice law Question 27 Selected Answer: Correct Answer: When Johnson Ñnished painting Bristol's house as agreed, Bristol paid him in full. Their contract was discharged by Full performance Full performance Question 28 Selected Answer: Correct Answer: A condition by which competition is suppressed by act or agreement is Monopoly Monopoly Question 29 Selected Answer: Correct Answer: Intrastate commerce refers to business that Is conducted solely within a state's own boundaries Is conducted solely within a state's own boundaries Question 30 Selected Answer: Correct Answer: When a clause in a non-compete contract is too restrictive, most courts generally Throw it out but enforce the remainder of the agreement Throw it out but enforce the remainder of the agreement ← OK 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 points 5 out of 5 points

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