In: Accounting
a. Delegation of duties occurs when there is a breach of the contract and a third party steps in to perform the contract
b. Delegation of duties occurs when one of the parties to a contract can no longer perform resulting in cancellation of the contract
c. Delegation of duties occurs when one party to the contract transfers his or her obligations to perform to a third party who provides the required performance under the contract.
d. Delegation of duties is never allowed to occur in a contract because performance must be provided by a party to the contract.
a. Rescission occurs when performance of the contract is in doubt and results in a breach of contract for damages.
b. Rescission occurs when there is a unilateral mistake made in the contract regarding the meaning of the contract.
c. Rescission of a contract is never allowed due to the requirement of performance of all contract obligations.
d. Rescission occurs when one party to the contract commits fraud entitling the other party to cancel the contract from its inception.
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4. Under the terms of a contract, which of the following statements is correct:
a. Contracts must have a valid offer, acceptance, consideration, legal capacity of all parties to the contract as well as a legal purpose.
b. Contracts must have offer, acceptance and legal purpose
c. Contracts must have legal consideration only to be valid.
d. Contracts must have a valid offer, acceptance and consideration.
8. Quasi-contracts are contracts that are derived from which of the following:
a. Implied contracts imposed to avoid unjust enrichment.
b. Actual contracts under law with very harsh burdens.
c. Actual contracts which are used to avoid misconduct or negligence.
d. Implied contracts which result from a misunderstanding.
9. A substituted method of acceptance of an offer occurs under which of the following circumstances.
Question 1
c. Delegation of duties occurs when one party to the contract transfers his or her obligations to perform to a third party who provides the required performance under the contract.
Question 2
d. Rescission occurs when one party to the contract commits fraud entitling the other party to cancel the contract from its inception.
Question 3
d. when both parties make their own mistake as to the meaning of the terms and provisions of the contract requiring both of them to agree to cancel the contract.
Question 4
b. Intoxication is a condition which inhibits a person’s normal capacity to act or think and may result in an unenforceable contract due to a lack of capacity to enter a contract
Question 5
UETA specifically provides one may not deny the existence of a legal contract just because the contract was signed electronically.
Question 6
c Offers must be reasonably certain as to the terms so the terms can be ascertained by the parties.
Question 7
d. Contracts must have a valid offer, acceptance and consideration.
Question 8
a. Implied contracts imposed to avoid unjust enrichment.
Question 9
A substituted method of acceptance can result in a valid acceptance if it serves the same purpose as the authorized means.
Question 10
When one party breaches the contract resulting in damages.
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