BUSI 2001 WEEK 4 QUIZ - QUESTION AND ANSWERS

BUSI 2001 WEEK 4 QUIZ - QUESTION AND ANSWERS Week 4: Legal Purpose and Written Contracts - Tutorial Quiz Help 1. Abbot accepted Milligan's oral offer to sell a small parcel of real property. This agreement is (Points: 2) Illegal because it should have been in writing Illegal because the sale was not arranged by a licensed real estate salesperson Legal but unenforceable by either party Legal but enforceable only by the offerer 2. Usury laws provide protection in a contract that is (Points: 2) For the loan of money For the sale of merchandise on credit To be performed on a Sunday For the restraint of trade 3. The ______ rule states that when a contract has been put in writing as the final and complete statement of agreement between the parties, evidence of an agreement prior to or at the time of signing cannot be presented in court to change the terms of the written agreement. (Points: 2) Prior evidence Parol evidence Anti-evidence None of these 4. An example of a licensing statute is one that (Points: 2) Requires an attorney to have a permit to practice law Prevents usury Restricts business activity on Sundays Reasonably restricts tradeBUSI 2001 WEEK 4 QUIZ - QUESTION AND ANSWERS 5. Aaron bet Bobby that a certain candidate would win the presidential election. Aaron's candidate won the election, but Bobby refused to pay the bet. In most states, Aaron could not enforce the agreement legally because (Points: 2) A gambling agreement is illegal and void The agreement involves usury The bet was not in writing Aaron and Bobby are both professional gamblers 6. An agreement to rob a bank is an example of a (Points: 2) Quasi-contract Voidable contract Void contract Contract implied in law 7. When a clause in a non-compete contract is too restrictive, most courts generally (Points: 2) Enforce it as it is written Enforce it as it is written but agree to evaluate the clause over a period of 3 years Enforce it as it is written but agree to evaluate the clause over a period of 20 years Throw it out but enforce the remainder of the agreement 8. Which of the following is not required to be in writing? (Points: 2) A contract for the sale of real property A contract in consideration of marriage A contract that can be performed within 1 year from the date of the agreement A contract to pay the debt of another person 9. A contract for the sale of goods or merchandise for $495.00 is (Points: 2)