Week 3 Knowledge Check Study Guide

2656 Words Jul 4th, 2015 11 Pages
Week 3 Knowledge Check Study Guide
Concepts

Mastery

Score: 20 / 24

Questions

Requirements for the formation of valid

67%

1

2

3

Enforceability of contracts

100%

4

5

6

Statute of frauds

67%

7

8

9

33%

10

11

12

100%

13

14

15

100%

16

17

18

contracts

Remedies for contract breaches Equitable remedies
Sole proprietorships and partnerships Limited liability companies and limited liability

100%

partnerships
Corporations

100%

19

20

21

22

23

24

Concept: Requirements for the formation of valid contracts
Mastery

67%

Questions

1

2

3

1.
In which case is an offer irrevocable?

A. When the offeree has not made any preparations before accepting the offer

B. When the offeree has partly acted upon the offer
C.
…show more content…
A. Fraudulent misrepresentation
B. Duress
C. Unconscionability
D. Undue influence

Correct:
The Correct Answer is: B.
Duress occurs when one party uses coercion to persuade another party to either enter into a contract or modify an existing contract. In such a case, the court allows the coerced party to avoid the contract.

Concept: Statute of frauds
Mastery

67%

Questions

7

8

9

7.
What is true about the statute of frauds for common law contracts?

A. It mandates that all forms of contract be in writing.
B. It creates specific formats in which parties are required to write contracts.

C. It is applicable to contracts that cannot be performed in less than one year.

D. It is not pertinent to contracts pertaining to the sale of land. Correct:
The Correct Answer is: C.
The statute of frauds applies to common law contracts that cannot be performed in less than a year. The statute also applies to prenuptial agreements and contracts pertaining to the sale of land.
8.
According to the statute of frauds, what is one component that is consistently required for a contract to be valid?

A. A signature of the party against whom the contract is to be enforced

B. Written evidence of the contract
C. A prescribed format for the written contract
D. The signatures of at least three witnesses to the contract Correct:
The Correct Answer is: A.
According to the statute of frauds, the one component that is consistently required for a common law contract to be
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