PRINCIPLES OF BUSINESS
Authored by Cameil Williams-Allen
Business
4th Grade
Used 3+ times
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31 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A contract is generally based on:
assets passing from person to person
agreement between two or more parties
exchanging goods and services
a promise to do certain things
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An implied condition in a contract is one which is:
legal in a court of law
agreed by two parties
written within the body of the contract
hidden, not actually stated or written down anywhere
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Maria offers Michael a hook for $500, but Micheal offers to pay only $450 for it, this is a true example of :
an offer
a counter offer
an agreement
a contract
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A specialty contract can be described as one which:
has a lot of conditions
is typed in capital letters
is signed, sealed and delivered
is written very clearly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A hire purchase contract is an example of:
an oral contract
a specialty contract
an implied contract
an agreement between the buyer and seller
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Termination of a contract can be achieved by ALL of the following ways EXCEPT:
taking unilateral action
mutual agreement of both parties
completing performance
the death of one party
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A supplier responding to a prospective purchaser's letter of inquiry asking for prices and terms of payment would send a:
purchase order
quotation
credit note
debit note
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