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MGMT 311 EXAM 3 NEWEST 2025 ACTUAL EXAM
COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
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A contract entered into by a intoxicated person may be either: -
CORRECT ANSWER -Valid or Voidable
In the case of an intoxication, we start with the presumption that
the contract is valid and: - CORRECT ANSWER -The
intoxicated person must overcome this presumption.
Courts will look at objective indications of the intoxicated
persons condition to determine if: - CORRECT ANSWER -He or
She lacked the required capacity
If the person proves he was too intoxicated to contract, then he
may: - CORRECT ANSWER -Disaffirm the contract
Contracts made by mentally incompetent persons may be: -
CORRECT ANSWER -Void, Voidable, or Valid
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If a court has previously determined a person to be mentally
incompetent, any contract made by that person is: - CORRECT
ANSWER-Automatically Void
A party who has NOT been previously determined to be mentally incompetent by court may disaffirm a contract if at the
time of the contracting that person: - CORRECT ANSWER -1.
Did not know he was entering into a contract
- Lacked the mental capacity to understand its nature, purpose,
and consequences
For a contract to be valid and enforceable, it must be formed for
a: - CORRECT ANSWER -Legal Purpose
A contract to do something that is prohibited by the law is: -
CORRECT ANSWER -Illegal, void from the outset, and unenforceable
A contract to commit a tort is: - CORRECT ANSWER -Contrary
to public policy, illegal, and unenforceable
What is Usury? - CORRECT ANSWER -When a person loans money to another at an interest rate above the states lawful maximum interest rate. 2 / 3
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What is Gambling? - CORRECT ANSWER -The creation of risk for the purpose of assuming it.
What are Contracts in Restraint of Trade? - CORRECT ANSWER-If two or more parties enter into an agreement not to compete against each other and their only objective is to restrict competition, the agreement is void.
What does in pari delicto mean? - CORRECT ANSWER - Equally at fault
What contracts must be in writing and signed in order to be enforceable? - CORRECT ANSWER -- Contracts involving interests in land
- Contracts that cannot be performed within one year from the
day after the date of formation.
Land is _____ and includes all physical objects that are permanently attached to the soil. - CORRECT ANSWER -Real Property
The lack of voluntary consent can be used as a: - CORRECT
ANSWER-Defense to the contracts enforceability
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