What are express terms in a contract?

2.32 Express & Implied Terms

Quiz
•
Financial Education
•
12th Grade
•
Medium
Deeky Mvula
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Clear and explicit agreements
Unwritten terms inferred by industry customs
Terms inferred by the courts
Terms automatically implied by statutes
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which test asks whether an implied term is necessary to give the contract business efficacy?
The Business Efficacy Test
The Statute Test
The Officious Bystander Test
The Custom Test
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of implied terms in a contract?
To create ambiguity
To confuse the parties involved
To make the contract workable
To limit the rights of the parties
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main source of implied terms by custom?
Negotiations
Industry customs
Courts
Statute
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of term is considered the foundation of the contract and can lead to termination if breached?
Exclusion Clauses
Warranties
Conditions
Innominate Terms
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of exclusion clauses in a contract?
To limit a party's liability for certain breaches
To nullify the contract
To increase the risk for both parties
To confuse the terms of the contract
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Officious Bystander Test used for in contracts?
To determine if a term is implied by statute
To determine if a term is clear and explicit
To determine if a term is necessary for business efficacy
To determine if a term is implied by custom
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