Elements of a contract Characteristics of a contract Termination of an offer Requirements of Acceptance Miscellaneous 200 400 600 800 1000 Bonus Question: 5000 pts
Topic 1: 200 Question 1: What is a Check? Answer: A check is a draft drawn on a bank and payable on demand.
Topic 1: 400 Question: A drawee who has written “accepted “ on the document and signed his or her name. Answer: What is the Acceptor.
Topic 1: 600 Question: Give an example of a draft. Answer: Checks and bills of sale
Topic 1: 800 Question: Check issued against checking account with insufficient funds to cover it. Answer: What is a Bad Check
Topic 1: 1000 Question: A written acknowledgement of the receipt of money and its promise to pay back the money, usually with interest on the due date. Answer: What is a Certificate of Deposit.
Topic 2: 200 Question: Finance charges are added after subtracting payments made during billing period Answer: What is an Adjusted Balance Method.
Topic 2: 400 Question: Lien for unpaid services assessed against personal property that has been improved. Answer: What is an Artisan’s Lien.
Topic 2: 600 Question: Finance charges figured by adding balances for each day in billing period and then divide by the number of days in the billing period Answer: What is Average Daily Balance Method
Topic 2: 800 Question: Card or other device used to obtain goods, money, or services on credit. Answer: What is a Credit Card
Topic 2: 1000 Question: A party who buys on credit or borrows money Answer: What is a Debtor
Topic 3: 200 Question: Check issued against checking account with insufficient funds Answer: What is a Bad Check
Topic 3: 400 Question: One ordered to pay the money Answer: What is the Drawee.
Topic 3: 600 Question: The person who orders the money to paid. Answer: What is the Drawer
Topic 3: 800 Question: A check signed by someone else other than drawer and without authority. Answer: What is a Forged Check
Topic 3: 1000 Question: - Draft issued by a post office, bank, express company, or telegraph company for use in paying or transferring funds for the purchaser Answer: What is a money order.
Topic 4: 200 Question: A draft payable as soon as it is presented to drawee for payment Answer: What is a Sight Draft
Topic 4: 400 Question: Payable at a future date that is written on the face of the note Answer: What is a Time Note.
Topic 4: 600 Question: How would you define serious intent? Answer: I would define serious intent as entering into the contract with a legal obligation.
Topic 4: 800 Question: How would you define definiteness and certainty? Answer: Definiteness and certainty means that you state exactly what the contract is about.
Topic 4: 1000 Question: Used by a seller of goods to receive payment or to extend credit Answer: What is Trade Acceptance
Topic 5: 200 Question: Party agreeing to be secondarily liable in case of default by the principal debtor Answer: What is the Gaurantor
Topic 5: 400 Question: Charging a greater amount of interest on a loan than is allowed by law? Answer: What is Usury
Topic 5: 600 Question: Third party agreeing to be primarily liable for debt in case of default by the principal debtor Answer: What is the Surety
Topic 5: 800 Question: A contract where debtor retains possession of collateral under a written contract Answer: What is a Security Agreement
Topic 5: 1000 Question: Finance charges figured as if no payments made during billing period! Answer (What is the Previous Balance Method!)
Bonus Question: 5000 pts. Question: Legal right in another’s property as security for the performance of an obligation such as the repayment of a loan Answer: What is a Lien
Of the six elements, which is the most crucial to setting up a valid contract?
You lost your backpack and posted a $20 reward for it. If someone who did not know about the reward returned the backpack, would you be legally obligated to pay the reward?