Match Each Statement with the Correct Term Below

question 29

Multiple Choice

Match each statement with the correct term below.
-option

• A)A contract by which an offeror is bound to keep an offer open for a specified period of time.
• B)Improper physical or mental coercion exercised upon a person so that he is forced to do an act against his free will.
• C)Taking unfair advantage of a person by reason of a dominant position based on a relationship of trust and confidence.
• D)A contract in which only one party makes a promise.
• E)A failure to properly perform contractual promises.
• F)A contract that has not been fully performed.
• G)A provision excusing one party from fault or liability.
• H)Doctrine enforcing noncontractual promises for which there has been justifiable reliance on the promise and justice requires enforcement.
• I)A contract in which both parties exchange promises.
• J)An event that must or must not occur before performance is due under a contract.
• K)Transfer of a contractual obligation to a third party.
• L)A merchant's irrevocable offer to sell or buy goods in a signed writing that gives assurance that it will not be revoked for the time stated, up to three months.
• M)A promise that imposes no obligation on the promisor.
• N)A defective contract not wholly lacking in legal effect but that is capable of being avoided.
• O)The inducement given to enter into a contract; whatever is given for something else as a bargained-for exchange that makes a promise enforceable.
• P)A substituted contract involving a new third-party promisor or promisee.
• Q)An equitable remedy that compels the actual performance by the defaulting party of his contractual obligations.
• R)Voluntary transfer of contractual rights to a third party.
• S)Affirmation of the entire contract.
• T)Specifies contracts that must be in writing to be enforceable.
• U)A party owing a duty under a contract.
• V)A formal court order prohibiting a party from doing a specific act.
• W)Approval based on whether a reasonable person would be satisfied.
• X)An agreement of a seller to supply all the materials of a particular kind that the purchaser needs.
• Y)An agreement of a buyer to purchase the entire production of a particular seller.
• Z)Knowledge of falsity and intention to deceive.

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Definitions:

Population Proportion

A measure that represents the fraction of individuals in a population who exhibit a particular attribute or characteristic.

Sample Size

Sample Size is the number of observations or data points collected to form a sample from a population for statistical analysis.

Market Segmentation

The process of dividing a target market into smaller, more defined categories of consumers who share similar characteristics and buying preferences.

Education

The process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits.