SPORTS LAW QUESTIONS QUESTION 1 Provision of services qualifies as a consideration for an enforceable contract. True

Question: SPORTS LAW QUESTIONS QUESTION 1 Provision of services qualifies as a consideration for an enforceable contract. True False QUESTION 2 If the law requires that a contract be in writing, failure of such a contract to be in writing does not impact its enforcement. True False QUESTION 3 An offer is not effective until it is actually received bySPORTS LAW QUESTIONS
QUESTION 1
Provision of services qualifies as a consideration for an enforceable contract.
True
False

QUESTION 2
If the law requires that a contract be in writing, failure of such a contract to be in writing does not impact its enforcement.
True
False

QUESTION 3
An offer is not effective until it is actually received by the offeree.
True
False

QUESTION 4
A principal-agent relationship exists when an employer hires an employee to perform some form of physical service.
True
False

QUESTION 5
No federal or state government approval is required for creating a sole proprietorship.
True
False

QUESTION 6
Which of the following statements is true of contracts?
A. The offeror is the party to whom an offer to enter into a contract is made.
B. An offeree is the authority that supervises the signing of a contract.
C. To have an enforceable contract, there must be mutual assent by the parties.
D. A contract is created when the offer is made and before it is accepted.

QUESTION 7
The ________ states that the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties.
A. Restatement (Second) of Contracts
B. objective theory of contracts
C. Restatement of the Law of Contracts
D. common law of contracts

QUESTION 8
A contract is a(n) ________ if the offeror’s promise is answered with the offeree’s promise of acceptance.
A. unilateral contract
B. executory contract
C. executed contract
D. bilateral contract

QUESTION 9
A contract is ________ if the offeror’s offer can be accepted only by the performance of an act by the offeree.
A. executory
B. unilateral
C. implied-in-law
D. bilateral

QUESTION 10
Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan ________.
A. cannot revoke the contract
B. can revoke the contract as informal verbal agreements are not binding
C. can only increase the money on offer
D. can reduce the money on offer

QUESTION 11
A(n) ________ is a fictitious legal entity that is created according to statutory requirements.
A. corporation
B. limited liability company
C. general partnership
D. limited partnership

QUESTION 12
Which of the following elements must be established to create an implied-in-fact contract?
A. A plaintiff provided a property or services gratuitously.
B. A defendant was given an opportunity to reject a property or services provided by a plaintiff but failed to do so.
C. A plaintiff made a defendant sign a contract and then changed its terms, calling the new terms “previously implied.”
D. A defendant accepted a property or services offered by a plaintiff as a fee for an illegal activity.

QUESTION 13
Harry in a drunken state agrees to give his car to Ben as a token of friendship. Once sober, Harry asks Ben to return his car. This contract is considered ________.
A. void
B. valid
C. unenforceable
D. voidable

QUESTION 14
An invitation to make an offer or an actual offer is referred to as a(n) ________.
A. proposal
B. advertisement
C. bid
D. reward

QUESTION 15
To meet contractual legality, considerations must be ________.
A. beneficial to both parties involved
B. bargained-for exchange of promise for performance
C. detrimental to both parties involved
D. mentioned in writing in the contract

QUESTION 16
An agent is a party who ________.
A. employs another person to act on his or her behalf
B. directs a worker under an express or implied contract of employment
C. agrees to act on behalf of another
D. receives the services of another for remuneration

QUESTION 17
Martin, who wants to sell a sports arena he owns, authorizes Wilhelm, to find a potential buyer, and finalize a deal above a stipulated price. Wilhelm contracts Chris, a real estate broker, and instructs him to only find a potential buyer and send them over to Wilhelm for the sale. Martin then contracts ReNowait Goodhouses, a home improvement company to renovate the arena. ReNowait completes its work and Martin pays them. Chris then searches for a suitable buyer and finds one in George. George buys the house and Chris is paid for his services. Who performs the role of the agent in this land sale transaction?
A. Wilhelm
B. Martin
C. Chris
D. George

QUESTION 18
A duty that a principal owes to pay an agreed-upon amount to the agent either upon the completion of the agency or at some other mutually agreeable time is known as a principal’s ________.
A. duty to indemnify
B. duty to cooperate
C. duty to reimburse
D. duty to compensate

QUESTION 19
The ________ is principal’s duty to cover the agent for any losses the agent suffers because of the principal’s conduct.
A. duty to compensate
B. duty to cooperate
C. duty to reimburse
D. duty to indemnify

QUESTION 20
The ________ includes keeping records of all property and money received and expended during the course of an agency.
A. duty to notify
B. duty of termination
C. duty to reimburse
D. duty of accountability

QUESTION 21
Which of the following is true of an agent’s undisclosed self-dealing?
A. The principal cannot rescind purchases made.
B. It does not violate the duty of loyalty.
C. The principal must accept liability.
D. The principal can ratify the purchase.

QUESTION 22
Which of the following is true of a sole proprietorship?
A. A business operated under sole proprietorship should be owned by one or more people of the same family.
B. A business operated under sole proprietorship cannot be transferred.
C. Creditors can recover claims against the business from the sole proprietor’s personal assets.
D. Large businesses cannot be operated under sole proprietorship.

QUESTION 23
An association of two or more persons to carry on as co-owners of a business for profit is known as a(n) ________.
A. corporation
B. general partnership
C. sole proprietorship
D. limited partnership

QUESTION 24
Which of the following is true of profits and losses in a general partnership?
A. Losses are shared equally by all general partners.
B. The proportion of investment governs only the proportion of loss shared and not profit obtained.
C. The proportion of profit shared is equal to the general partner’s initial investment.
D. The general partner who proposed the idea of the business gets most profit.

QUESTION 25
Which of the following is true of general and limited partners in a limited partnership?
A. General partners are required to invest capital and refrain from managerial activities.
B. General partners are not personally liable for partnership debts.
C. Limited partners are not personally liable for partnership debts beyond their capital contributions.
D. Limited partners are exempt from annual capital investment and need only participate in management functions.
100% (1 rating)Ans true Because in straightforward terms, where a promiser has made a guarantee to a promisee, the last option must consequently give the promisor something to make the commitment restricting. Ans2 TRUE Because in the…View the full answer