Practice Quiz

DSST Business Law II Exam Prep - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
6. Where there is an agency relationship, the principal is considered to be bound by the acts of the agent if there is apparent authority. This is known as:
  1. Assumption of risk liability.
  2. Vicarious liability.
  3. Limited liability.
  4. Absolute liability.
  5. Public liability.
See answer
7. Will a court enforce a contract that was based on the acceptance of an offer known to have been made as a result of a mistake?
  1. Yes, otherwise anyone who wants to be excused from a contract will claim that they entered into it as a result of a mistake.
  2. No. A court will not enforce a contract that was based on the acceptance of an offer known to have been made as a result of a mistake because in the long run the mistaken party will sue to be excused from performance.
  3. Yes. There is no requirement that the formation of a contract be free of mistakes.
  4. Yes. It is the burden of the parties to a contract to fully understand the circumstances surrounding the contract into which they are entering.
  5. No. A court will not enforce a contract that was based on the acceptance of an offer known to have been made as a result of a mistake.
See answer
8. Caveat emptor means:
  1. "Seller beware."
  2. "No return without a receipt."
  3. "Final sale."
  4. "The thing speaks for itself."
  5. "Buyer beware."
See answer
9. What are five essential elements a contract must have to be enforceable?
  1. Time of performance, legal purpose, quantity, liquidated damages, and quantity.
  2. Consideration, capable parties, location, time of performance, and quantity.
  3. Consideration, beginning date, end date, capable parties, and quantity.
  4. Subject matter, location, consideration, mutual assent, and quantity.
  5. Consideration, offer and acceptance, legal purpose, capable parties, and mutual asset.
See answer
10. The law of agency is concerned with:
  1. The relationship between a principal and agent.
  2. The relationship between an athlete and his or her representative.
  3. The relationship between citizens and their congressional representative.
  4. The relationship between an employer and an employee.
  5. The relationship between an offeror and offeree.
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode