2.32 Express & Implied Terms

2.32 Express & Implied Terms

12th Grade

15 Qs

quiz-placeholder

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2.32 Express & Implied Terms

2.32 Express & Implied Terms

Assessment

Quiz

Financial Education

12th Grade

Medium

Created by

Deeky Mvula

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are express terms in a contract?

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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