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True or False Quiz
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1
A contract for painting a portrait of a company CEO indicated that the work was to be done to the CEO's personal satisfaction. This agreement is judged by commercial art standards.
A)True
B)False
2
Incidental damages are the equivalent of nominal damages.
A)True
B)False
3
Statutes of limitations for breach of contract are set by state law.
A)True
B)False
4
Oldak's contract with Redrick states that "time is of the essence." This means that any delay will be a breach of contract.
A)True
B)False
5
Steve promises to pay Allison $100 if Allison will help him study for his business law exam. Allison can only accept Steve's offer by helping him study.
A)True
B)False
6
By accepting late delivery of goods a party to a contract may lose the legal right to object to the late deliveries.
A)True
B)False
7
If Samuel contracts to purchase Paula's car for $12,000 but unknown to either of them Paula's son had wrecked the car the previous day. Samuel would still be obligated under the contract.
A)True
B)False
8
An unconscious accident victim is taken to the hospital via ambulance. The victim owes a reasonable amount for the ambulance services rendered.
A)True
B)False
9
Bankruptcy would create a discharge of contractual obligations by operation of law.
A)True
B)False
10
The usual remedy for breach of contract is specific performance.
A)True
B)False





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