Unit 5 True False Quiz
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- Question 1 of 20
1. Question
True or False
Executing a contract means performing it.
CorrectIncorrect - Question 2 of 20
2. Question
True or False
The following describes the concept of a statute of frauds: “No lawsuit (“suit” or “action”) can be maintained unless there is a writing signed by the party to be charged (or its authorized representative)”.
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3. Question
True or False
A statute of frauds is a criminal law which makes cheating, stealing from or defrauding someone illegal.
CorrectIncorrect - Question 4 of 20
4. Question
True or False
Contracts written and signed in the United States are interpreted based on U. S. federal contract law principles.
CorrectIncorrect - Question 5 of 20
5. Question
True or False
Statutes of limitations are laws which establish time periods for filing court claims for breaches of legal duties.
CorrectIncorrect - Question 6 of 20
6. Question
True or False
For purposes of statutes of limitations, time periods generally begin to run when the plaintiff (demandante) knows or “should have known” of the breach.
CorrectIncorrect - Question 7 of 20
7. Question
True or False
Under U. S. laws often an employer can be held liable under a contract executed by an employee, even if the employee did not have actual authority from the employer to obligate the employer, if the other party to the contract reasonably believed the employee was authorized, based on the actions and words of the employer.
CorrectIncorrect - Question 8 of 20
8. Question
True or False
The phrase “Terms and Conditions” is used to describe the contents and all the provisions of a contract.
CorrectIncorrect - Question 9 of 20
9. Question
True or False
“Conditions suspensive” is a term often used by American and Canadian lawyers to describe a condition which must first occur before a duty or obligation comes into existence.
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10. Question
True or False
Indemnifications and warranties contained in contracts are never valid after contracts are fully executed.
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11. Question
True or False
Under U. S. law all the parties to a written agreement must sign or execute the same copy of the agreement for it to be valid and enforceable.
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12. Question
True or False
A boilerplate provision in a contract is one which contains standard language identical (or very similar) to that contained in other documents of the same type.
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13. Question
True or False
Boilerplate provisions are very rarely used in commercial contracts.
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14. Question
Contracts found on the internet are always reliable to copy and use in legal transactions.
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15. Question
True or False
Contracts written and signed in the United States must be drafted or approved by licensed attorneys to be valid and enforceable.
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16. Question
True or False
“Consideration” is a word used to describe the good faith and fair dealing parties must exhibit when contracting with each other.
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17. Question
The preamble of a contract refers to an introductory section or paragraphs for such purposes as identifying the parties, stating the effective date or date of execution (signing), and describing the contract’s purpose and/or the parties’ intent.
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18. Question
True or False
Contracts for the sale of goods or services in the U. S. must contain notarized signatures of the parties to be valid and enforceable.
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19. Question
It is always a violation of the rules of ethics which U. S. lawyers must follow to “copy and paste” material from contracts found on the internet to the course of creating new contracts for clients.
CorrectIncorrect - Question 20 of 20
20. Question
True or False
Although U. S. lawyers are generally cautious and trained to avoid risks, they are immune from suits from clients for any errors that may commit.
CorrectIncorrect