Name: 

 

 

All About Law - Chapter 17 Self-Quiz


 

Multiple Choice

Identify the letter of the choice that best completes the statement or answers the question.

 

1. 

How do most contracts come to an end?

a.

frustration

c.

breach of condition

b.

performance

d.

none of the above

 

 

 

 

 

2. 

If parties decide to end a contract because a business venture does not seem worthwhile, their reason for ending the contract is called

a.

performance

c.

impossibility of performance

b.

frustration

d.

mutual agreement

 

 

 

 

 

3. 

If a party fulfills most but not all of the conditions of a contract, the other party can usually

a.

have no recourse

d.

pay token amount set by court

b.

negotiate lower fee

e.

c and d are both right

c.

have him/her charged with fraud

 

 

 

 

 

 

 

4. 

In contract law, mitigation of loss means

a.

reduce losses to extent possible

c.

make losses large to justify court case

b.

inflate loss estimates to get large settlement

d.

ensure court knows details of all losses

 

 

 

 

 

5. 

Liquidated damages are intended to compensate

a.

frustration of contract

c.

breach of contract

b.

performance of contract

d.

mitigation of loss

 

 

 

 

 

6. 

When non-performance is the issue, in which of these agreements would the court be most likely to award money damages rather than specific performance?

a.

complete city sewer tunnel

c.

finish planting hedge around park

b.

write song for city anniversary

d.

none of the above

 

 

 

 

 

7. 

You have bought a used car from a fellow parked nearby, but the police inform you that it was stolen from Amir. Which of the following is most likely?

a.

You are charged with theft.

d.

You get a refund from the seller.

b.

Amir gets the car back; you lose it.

e.

a and d are both likely.

c.

You and Amir split the cost of the car.

 

 

 

 

 

 

 

8. 

Which of the following do sellers add to contracts to reduce the risk of being sued for breach of implied warranty?

a.

faint hope clauses

c.

notwithstanding clauses

b.

disclaimer clauses

d.

escape clauses

 

 

 

 

 

9. 

Clauses that remove protections from the buyer are not binding unless

a.

neutral third party agrees they are fair

c.

seller draws buyer's attention to them

b.

no buyers have complained

d.

buyer initials each one

 

 

 

 

 

10. 

When consumers buy on credit, they are entitled to which of the following under provincial legislation?

a.

full disclosure of credit costs

c.

market sharing

b.

cooling-off period

d.

a credit report

 

 

 

 

 


 

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