Practice Quiz

DSST Business Law II Exam Prep - Question List

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26. John asks Joe to mow his 2-acre lawn and agreed to pay Joe $50. After Joe completes half the job, John tells him that he changed his mind and he no longer wants Joe to mow his lawn. Will Joe be able collect the $50 that John agreed to pay him?
  1. No, because John revoked the contract.
  2. Yes, because $50 was the agreed upon compensation in the contract.
  3. No. But Joe will be able to collect $25 as restitution for the benefit that John received from the work that Joe completed.
  4. Yes. Joe will be able to collect $50 as restitution for the benefit that John received from the work that Joe completed.
  5. Yes. Joe will be able to collect $25 as restitution for the benefit that John received from the work that Joe completed, plus an additional $25 in punitive damages.
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27. When is intoxication a defense to the formation of a contract?
  1. Intoxication is never a defense to the formation of a contract.
  2. Intoxication is always a defense to the formation of a contract.
  3. Intoxication is a defense to the formation of a contract if the non-intoxicated party contributed to the intoxication of the other party.
  4. Intoxication is a defense to the formation of a contract if the other party knew that the intoxicated party was impaired and that due to the intoxication was unable to understand the nature of the transaction.
  5. Intoxication is a defense to the formation of a contract if both parties were intoxicated at the time they entered into the contract.
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28. The Clayton Antitrust Act amended the Sherman Antitrust Act by adding which of the following to the list of impermissible activities:
  1. Exclusive dealing agreements
  2. Price discrimination, whether or not it creates a monopoly
  3. Mergers
  4. Acquisitions
  5. None of the above
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29. A short-term debt security with a maturity of five years or less is known as a:
  1. Note.
  2. Voucher.
  3. Lien.
  4. Debenture.
  5. Bond.
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30. What is the mirror image rule?
  1. The requirement of consideration in the modification of contracts.
  2. A contract can be formed even where the offer and acceptance have slightly different terms.
  3. The requirement that the terms of the acceptance must be the same as the terms of the offer.
  4. The requirement that an oral agreement must be put in writing using the exact same terms.
  5. The reason that contracts must be in writing.
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