Question

QUESTION 1

In a non-compete agreement, the term "ancillary" means that

a.the non-compete agreement must be part of a larger agreement.

b.both parties must have a stake in the outcome.

c.the non-compete agreement is unfair to the employee, but not the employer.

d.the agreement is harmless to the general public.



QUESTION 2

Some of the elements of a contract are acceptance, consideration, legality, and capacity.

True

False



QUESTION 3

In contract law, a minor is someone under the age of 21.

True

False



QUESTION 4

Which of the following terms designates the legal ability of a party to enter into a contract?

a.Affirmation

b.Consent

c.Capacity

d.Materiality



QUESTION 5

To formally cancel a contract is to _______ it.

a.disaffirm

b.affirm

c.rescind

d.ratify



QUESTION 6

Amanda, a recent university graduate, needed a car to get to her new job. To help Amanda secure a loan for the car, Ted, a friend, agreed to pay the loan should Amanda default. Ted's promise to pay the loan is a collateral promise. His promise must be in writing to be enforceable.

True

False



QUESTION 7

To be valid, an agreement not to compete must be ancillary to a legitimate bargain.

True

False



QUESTION 8

If Jane persuades Linda to buy her horse by telling Linda that the horse runs "like the wind," then Jane's statement is

a.a unilateral mistake.b.fraud.c.puffery.d.reckless misrepresentation.



QUESTION 9

Fraudulent but innocent misrepresentation permits the injured party to rescind a contract.

True

False



QUESTION 10

Alex promises to pay $100 to anyone who finds his lost watch. Kate finds and returns the watch to Alex after hearing of the reward money. Alex and Kate have an enforceable unilateral contract.

True

False

Answer 1

1.) A
2.) True
3.) False
4.) C
5.) C
6.) True
7.) True
8.) C
9.) True
10.) True

Answer 2

1. In an agreement i.e. "non-compete," the word 'ancillary' stands for:

a). the non-compete agreement must be part of a larger agreement.

2. The statement asserting that few of the components of a contract involving acceptance, contemplation, legality, and ability would be considered:

a). True

3. The statement stating that in the context of contract law, a minor is characterized as an individual below 21 years of age

b). False

4. The term that is used to appoint the legal capability of a party to be introduced to a contract would be called:

c). Capability

5. The term employed to denote the action of calling off a contract officially would be:

c). Rescind

6. The statement asserting that Ted's promise to pay the amount of the loan on Amanda's behalf should be in writing to make it enforceable would be called:

a). True

7. The statement calling that an agreement not being able to compete unless they are ancillary would be called:

a). True

8. The term that will be used to refer to Jane's statement displaying her opinion on her horse would be:

c). Puffery

9. The statement regarding defrauding of permits associated with the wounded party to revoke a contract would be called:

a). True

10. The statement that would be called true that Alex and Kate have a rightful unilateral contract would be:

a). True

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