Business Law
44. T
A Contract will be enforced even if all the terms are not clear and definite.
45. T
An offer may be stated in words or implied in the actions of the offeror.
46. F
The statement “ I would like to sell my computer for $750” is a valid offer.
47. T
An offer is ended by rejection when the offeror withdraws an offer.
48. F
Anyone who knows of an offer may accept it.
49. F
Silence can never indicate the acceptance of an offer.
50. F
a promise to make a gift is enforceable in the court of law.
51. T
consideration is needed to make a promise legally enforceable.
52. F
a promise to refrain from doing something that the law requires is consideration.
53. F
Promising to do something you are already required to do is adequate consideration.
54. F
a creditor’s promise to accept less than the amount owed as full payment of a debt is legally bonding.
55. T
pledges made to a charitable organization cannot be withdrawn.
56. F
contracts made by minors are void.
57. T
a minor may disaffirm an executed contract.
58. T
a person only slightly intoxicated is not considered to be an incompetent party.
59. T
public policy is a court’s idea for what is right and wrong.
60. T
charging a rate of interest higher than that allowed by law is usury.
61. T
an agreement to pay a bribe to a public official is illegal.
62. T
all state’s have a law that requires certain contracts to be in writing.
63. F
a lease for one year must be in writing.
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