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problem 1: Where personal performance by you is not the reason for contract, a third party, like an employee, might actually perform your obligations beneath a contract for you by virtue of:

a) The privity of contract rule.
b) Vicarious performance.
c) Vicarious liability.
d) A statutory assignment.

problem 2: Under The Statute of Frauds, a note or memorandum of the contract should:

a) Include all necessary terms of the contract.
b) Be signed by both parties.
c) Be in one document.
d) All of the above.

problem 3: The statutory assignment:

a) Should be in writing, with notice to the promisor.
b) Might be conditional or incomplete, thus allowing freedom for the ongoing transaction.
c) Means that the other party should complete his or her obligations to the assignor and the assignee.
d) Puts the assignee in an improved position than the assignor in a lawsuit.

problem 4: This is a word not expressly comprised in the contract by the parties however one that a reasonable person would have comprised had the person thought concerning it:

a) Express term.
b) Implied term.
c) Parol term
d) Mistaken term

problem 5: A void contract is:

a) A contract which doesn’t meet seven key requirements from intention to make relations via legality.
b) A contract with no legal effect from the starting, as although it never happened.
c) A contract which is valid unless and until it is rejected at the option of one of the parties.
d) A contract with a mistake in it.

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
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