Question 1

The federal Consumer Credit Protection Act:

Accepted Answer

A)  regulates the collection, dissemination, and use of consumer credit information. 
B)  gives the consumer a "cooling-off" period of five days and the right to cancel contracts for goods/services made in the consumer's home and to receive a full refund. 
C)  allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies. 
D)  gives a consumer the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his/her home as a security deposit. 
A)  regulates the collection, dissemination, and use of consumer credit information. 
B)  gives the consumer a "cooling-off" period of five days and the right to cancel contracts for goods/services made in the consumer's home and to receive a full refund. 
C)  allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies. 
D)  gives a consumer the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his/her home as a security deposit. D

Question 2

If a tender of goods or the performance of an act is refused,the person making the offer:

Accepted Answer

A)  is subject to suit. 
B)  is relieved of the obligation to perform. 
C)  must repeat the offer before witnesses. 
D)  must necessarily petition a court for compensation. 
A)  is subject to suit. 
B)  is relieved of the obligation to perform. 
C)  must repeat the offer before witnesses. 
D)  must necessarily petition a court for compensation. B

Question 3

A deliberate change of an important element in a written contract that affects the rights or obligations of the parties is known as a(n):

Accepted Answer

A)  mitigation. 
B)  breach of contract. 
C)  material alteration. 
D)  injunction. 
A)  mitigation. 
B)  breach of contract. 
C)  material alteration. 
D)  injunction. C

Question 4

At times,the parties to a contract include a statement right in their contract wherein damages are explicitly set in the event one of the parties breaches the agreement.Such a statement is called a(n):

Accepted Answer

A)  loss payable clause. 
B)  exclusion clause. 
C)  integration clause. 
D)  liquidated damages clause. 
A)  loss payable clause. 
B)  exclusion clause. 
C)  integration clause. 
D)  liquidated damages clause.

Question 5

An injunction is also called a(n):

Accepted Answer

A)  exaction. 
B)  restraining order. 
C)  gag order. 
D)  anticipatory breach. 
A)  exaction. 
B)  restraining order. 
C)  gag order. 
D)  anticipatory breach.

Question 6

If a party has completely failed to perform contractual obligations within the time specified:

Accepted Answer

A)  the nonbreaching party is not required to pay under any circumstances. 
B)  the nonbreaching party may be required to pay for the work that has already been completed. 
C)  the contract is terminated. 
D)  the contract may be terminated only under certain conditions. 
A)  the nonbreaching party is not required to pay under any circumstances. 
B)  the nonbreaching party may be required to pay for the work that has already been completed. 
C)  the contract is terminated. 
D)  the contract may be terminated only under certain conditions.

Question 7

The legal term used in a case where a contract has largely been completed,and only small details remain unfinished,is:

Accepted Answer

A)  substantially performed. 
B)  mostly performed. 
C)  performed by tender. 
D)  performed by mutual agreement. 
A)  substantially performed. 
B)  mostly performed. 
C)  performed by tender. 
D)  performed by mutual agreement.

Question 8

A contract may provide for its termination after a certain period of time.

Accepted Answer

A) True 
 B)False

Question 9

Contracts may be terminated by alteration.

Accepted Answer

A) True 
 B)False

Question 10

A deliberate change of an important element in a written contract that affects the obligations of the parties is known as a material alteration.

Accepted Answer

A) True 
 B)False

Question 11

Provide examples of contracts terminated by breach and impossibility of performance.

Accepted Answer

A party who fails to completely perform

Question 12

The Federal Trade Commission gives a consumer the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his or her home as a security deposit.

Accepted Answer

A) True 
 B)False

Question 13

Explain the liquidated damages clause.

Accepted Answer

At times,the parties include a statement

Question 14

A restraining order or injunction is a court order that directs a party to perform as he/she agreed to do.

Accepted Answer

A) True 
 B)False

Question 15

The Federal Trade Commission:

Accepted Answer

A)  gives the consumer a "cooling-off" period of three days and the right to cancel contracts for either goods or services made in the consumer's home and to receive a full refund. 
B)  gives a consumer the right to cancel a credit transaction within five days when the contract requires that the consumer pledge his/her home as a security deposit. 
C)  allows consumers to request and obtain a free credit report once every six months from each of the three nationwide consumer credit reporting companies. 
D)  regulates the collection, dissemination, and use of consumer credit information. 
A)  gives the consumer a "cooling-off" period of three days and the right to cancel contracts for either goods or services made in the consumer's home and to receive a full refund. 
B)  gives a consumer the right to cancel a credit transaction within five days when the contract requires that the consumer pledge his/her home as a security deposit. 
C)  allows consumers to request and obtain a free credit report once every six months from each of the three nationwide consumer credit reporting companies. 
D)  regulates the collection, dissemination, and use of consumer credit information.

Question 16

A court order prohibiting the performance of a certain act is termed a(n):

Accepted Answer

A)  gag order. 
B)  mitigation. 
C)  injunction. 
D)  specific performance. 
A)  gag order. 
B)  mitigation. 
C)  injunction. 
D)  specific performance.

Question 17

In some cases,the injured party may sue for _____,that is,a court order directing a person to perform as he/she agreed to do.

Accepted Answer

A)  specific performance 
B)  liquidated damages 
C)  rescission 
D)  injunction 
A)  specific performance 
B)  liquidated damages 
C)  rescission 
D)  injunction

Question 18

A deliberate alteration made to a written contract that affects the rights of the parties results in:

Accepted Answer

A)  ratification. 
B)  a modification. 
C)  a novation. 
D)  termination. 
A)  ratification. 
B)  a modification. 
C)  a novation. 
D)  termination.

Question 19

If a law or regulation makes the performance of a contract illegal,the contract is:

Accepted Answer

A)  unenforceable. 
B)  terminated by alteration. 
C)  void from the beginning. 
D)  terminated by operation of law. 
A)  unenforceable. 
B)  terminated by alteration. 
C)  void from the beginning. 
D)  terminated by operation of law.

Question 20

A party who announces the intention to break a contract is said to have created an expected breach.

Accepted Answer

A) True 
 B)False

Exam 15: Discharge of Contracts

The federal Consumer Credit Protection Act:

If a tender of goods or the performance of an act is refused,the person making the offer:

A deliberate change of an important element in a written contract that affects the rights or obligations of the parties is known as a(n):

At times,the parties to a contract include a statement right in their contract wherein damages are explicitly set in the event one of the parties breaches the agreement.Such a statement is called a(n):

An injunction is also called a(n):

If a party has completely failed to perform contractual obligations within the time specified:

The legal term used in a case where a contract has largely been completed,and only small details remain unfinished,is:

A contract may provide for its termination after a certain period of time.

Contracts may be terminated by alteration.

A deliberate change of an important element in a written contract that affects the obligations of the parties is known as a material alteration.

Provide examples of contracts terminated by breach and impossibility of performance.

The Federal Trade Commission gives a consumer the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his or her home as a security deposit.

Explain the liquidated damages clause.

A restraining order or injunction is a court order that directs a party to perform as he/she agreed to do.

The Federal Trade Commission:

A court order prohibiting the performance of a certain act is termed a(n):

In some cases,the injured party may sue for _____,that is,a court order directing a person to perform as he/she agreed to do.

A deliberate alteration made to a written contract that affects the rights of the parties results in:

If a law or regulation makes the performance of a contract illegal,the contract is:

A party who announces the intention to break a contract is said to have created an expected breach.

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