Practice Exam Matching Questions. the following terms with their definitions: (3) A. Fraud 1. A contract clause intended to relieve one party from potential tort liability (4) B. Restitution 2. The idea that contracts must be a two way street (5) C. Part performance 3. The intention to deceive the other party (1) D. Exculpatory clause 4. Restoring the other party to its original position (2) E. Consideration 5. Entry onto land, or improvements made to it, by a buyer who has no written contract True/False Questions Circle true or false: T F A contract may not be rescinded based on puffery. 1. F 2. T An agreement for the sale of a house does not need to be in writing if the deal will be completed within one year. T 3. F Noncompete clauses are suspect because they tend to restrain free trade. T 4. F A seller of property must generally disclose latent defects that he knows about. T 5. F A court is unlikely to enforce an exculpatory clause included in a contract for surgery. F 6. T An agreement for the sale of 600 plastic cups, worth $0.50 each, must be in writing to be enforceable. Multiple-Choice Questions 1. In case is a court most likely to enforce an exculpatory clause? (a) Dentistry (b) Hang gliding (c) Parking lot (d) Public transportation (e) Accounting 2. Sarah, age 17, uses $850 of her hard-earned, summer-job money to pay cash for a diamond pendant for the senior prom. She has a wonderful time at the dance but decides the pendant was an extravagance, returns it, and demands a refund. The store has a refund” policy that is clearly “no stated, on a sign on the wall. There was no defect in the pendant. The store refuses the refund. When Sarah sues, she will (a) Win $850 (b) Win $425
Practice Exam Matching Questions. the following terms with their definitions: (3) A. Fraud (4) B. Restitution (5) C. Part performance (1) D. Exculpatory clause (2) E. Consideration 1. A contract clause intended to relieve one party from potential tort liability 2. The idea that contracts must be a two way street 3. The intention to deceive the other party 4. Restoring the other party to its original position 5. Entry onto land, or improvements made to it, by a buyer who has no written contract True/False Questions Circle true or false: 1. T F A contract may not be rescinded based on puffery. 2. T F An agreement for the sale of a house does not need to be in writing if the deal will be completed within one year. 3. T F Noncompete clauses are suspect because they tend to restrain free trade. 4. T F A seller of property must generally disclose latent defects that he knows about. 5. T F A court is unlikely to enforce an exculpatory clause included in a contract for surgery. 6. T F An agreement for the sale of 600 plastic cups, worth $0.50 each, must be in writing to be enforceable. Multiple-Choice Questions 1. In case is a court most likely to enforce an exculpatory clause? (a) Dentistry (b) Hang gliding (c) Parking lot (d) Public transportation (e) Accounting 2. Sarah, age 17, uses $850 of her hard-earned, summer-job money to pay cash for a diamond pendant for the senior prom. She has a wonderful time at the dance but decides the pendant was an extravagance, returns it, and demands a refund. The store has a “no refund” policy that is clearly stated, on a sign on the wall. There was no defect in the pendant. The store refuses the refund. When Sarah sues, she will (a) Win $850 (b) Win $425
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