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MGMT 311 EXAM 3 NEWEST 2026 ACTUAL EXAM
COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||NEWEST EXAM!!!!
Courts will look at objective indications of the intoxicated
persons condition to determine if: - ANSWER-He or She
lacked the required capacity
If the person proves he was too intoxicated to contract,
then he may: - ANSWER-Disaffirm the contract
Contracts made by mentally incompetent persons may be:
- ANSWER-Void, Voidable, or Valid
If a court has previously determined a person to be
mentally incompetent, any contract made by that person
is: - 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: - ANSWER-1.
Did not know he was entering into a contract
2. Lacked the mental capacity to understand its nature,
purpose, and consequences
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For a contract to be valid and enforceable, it must be
formed for a: - ANSWER-Legal Purpose
A contract to do something that is prohibited by the law is:
- ANSWER-Illegal, void from the outset, and
unenforceable
A contract to commit a tort is: - ANSWER-Contrary to
public policy, illegal, and unenforceable
What is Usury? - ANSWER-When a person loans money
to another at an interest rate above the states lawful
maximum interest rate.
What is Gambling? - ANSWER-The creation of risk for the
purpose of assuming it.
What are Contracts in Restraint of Trade? - 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? - ANSWER-Equally at
fault
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What contracts must be in writing and signed in order to
be enforceable? - 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. - ANSWER-Real
Property
The lack of voluntary consent can be used as a: -
ANSWER-Defense to the contracts enforceability
Consent may be lacking due to: - ANSWER-- Mistake
- Fraudulent Misrepresentation
- Undue Influence
-Duress
A mistake of fact occurs when: - ANSWER-The parties
entered into a contract with different understandings of
one or more material facts relating to the contracts
performance.
MGMT 311 EXAM 3 NEWEST 2026 ACTUAL EXAM
COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||NEWEST EXAM!!!!
Courts will look at objective indications of the intoxicated
persons condition to determine if: - ANSWER-He or She
lacked the required capacity
If the person proves he was too intoxicated to contract,
then he may: - ANSWER-Disaffirm the contract
Contracts made by mentally incompetent persons may be:
- ANSWER-Void, Voidable, or Valid
If a court has previously determined a person to be
mentally incompetent, any contract made by that person
is: - 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: - ANSWER-1.
Did not know he was entering into a contract
2. Lacked the mental capacity to understand its nature,
purpose, and consequences
,2|Page
For a contract to be valid and enforceable, it must be
formed for a: - ANSWER-Legal Purpose
A contract to do something that is prohibited by the law is:
- ANSWER-Illegal, void from the outset, and
unenforceable
A contract to commit a tort is: - ANSWER-Contrary to
public policy, illegal, and unenforceable
What is Usury? - ANSWER-When a person loans money
to another at an interest rate above the states lawful
maximum interest rate.
What is Gambling? - ANSWER-The creation of risk for the
purpose of assuming it.
What are Contracts in Restraint of Trade? - 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? - ANSWER-Equally at
fault
, 3|Page
What contracts must be in writing and signed in order to
be enforceable? - 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. - ANSWER-Real
Property
The lack of voluntary consent can be used as a: -
ANSWER-Defense to the contracts enforceability
Consent may be lacking due to: - ANSWER-- Mistake
- Fraudulent Misrepresentation
- Undue Influence
-Duress
A mistake of fact occurs when: - ANSWER-The parties
entered into a contract with different understandings of
one or more material facts relating to the contracts
performance.
