ACC 205 FINAL

Jul 20th, 2016
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1. Agency is a fiduciary relationship. A. True B. False 2. The term "stare decisis" means "reversing the decision." A. True B. False 3. Offers for both bilateral and unilateral contracts involve a promise from the offeror. A. True B. False 4. A decision from a state supreme court is binding on a lower state court located in the same state. A. True B. False 5. A decision from a state supreme court in one state is binding on a trial court judge in another state if the other state has no applicable law on the issue involved. A. True B. False 6. A court must have two types of jurisdiction to decide any particular case. A. True B. False 7. Subject matter jurisdiction is a court's power to hear certain kinds of cases. A. True B. False 8. Concurrent federal jurisdiction means both state and federal courts have jurisdiction over a case. A. True B. False 9. To disaffirm a contract, a minor MUST act before reaching the age of majority. A. True B.

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ACC 205 FINAL1. Agency is a fiduciary relationship.A.TrueB.False2. The term "stare decisis" means "reversing the decision."A.TrueB.False3. Offers for both bilateral and unilateral contracts involve a promise from the offeror.A.TrueB.False4. A decision from a state supreme court is binding on a lower state court located in the samestate.A.TrueB.False5. A decision from a state supreme court in one state is binding on a trial court judge in anotherstate if the other state has no applicable law on the issue involved.A.TrueB.False6. A court must have two types of jurisdiction to decide any particular case.A.TrueB.False7. Subject matter jurisdiction is a court's power to hear certain kinds of cases.A.TrueB.False8. Concurrent federal jurisdiction means both state and federal courts have jurisdiction over acase.A.TrueB.False9. To disaffirm a contract, a minor MUST act before reaching the age of majority.A.TrueB.False10. A contract remains executory as long as any party to the contract has not fully performed.A.TrueB.False11. An offer for a unilateral contract cannot be accepted by a mere promise to perform.A.TrueB.False12. Two of the four basic contract requirements are agreement and signature of the parties.A.TrueB.False13. An implied in fact contract is one based on the conduct of the parties.A.TrueB.False14. Ease and cost of formation are factors to be considered in the selection of the form underwhich a business should operate.A.True

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