Kahoot 4 PDF

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Kahoot done in class 4...

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1. Which one of the following statements regarding acceptance in a contract is true? - Silence does not constitute valid acceptance. - There is no need for an offeree to communicate acceptance to the offeror. - An offeree can accept an offer of which he was not aware. - Acceptance need not precisely match the terms of the offer. 2. One of the main purposes of contract law is… - To ensure that one party does not threaten the other. - To discourage harms against society. - To ensure that promises made among private parties are enforceable. - To avoid the tragedy of the commons. 3. The tragedy of the commons refers to the overuse of - A common property or free-access resources. - Government regulation. - Solar capital. - Aynthetic chemicals. 4. Which one of these is NOT an element of a contract? - Intent. - Conditions. - Consideration. - Agreement. 5. The things of value which are exchanged in a contract - Consideration. - Acceptance. - Offer. - Contract. 6. What is the correct definition of the word Contract? - Agreement between 2 or more parties. - An offer to do something. - An agreement between 2 or more parties that create an obligation. - An offer and acceptance. 7. The Coase Theorem concerns - Taxation. - Organizing public goods. - Increasing minimum wages to $12 an hour. - Encouraging independent parties to negotiate. 8. One of the main advantages of the Coease Theorem is that the Theorem solves for externalities: - Using public goods. - By addressing people’s feelings. - Without government involvment. - Through Coasean dilemmas. 9. An agreement to form a valid contract must include: - A fair bargain. - An offer and an acceptance. - A fair price. - A physical sample of the good for sale. 10. A bilateral contract is one in which: - Two promises are exchanged.

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- A 3rd party guarantees the promise of one of the parties. - A promise is given in return for an act. - A unilateral contract accompanies an exchange of promises Consideration may be defined as: - A socially approved way to provide for the poor. - An arrangement for transfering and allocating risk. - Something of value given in exchange for a promise. - A way to promote healthy living. Attribution of patents for inventions is an example of - Tied ownership. - Principle of first possetion. - Real property. - Appropiation. Fireworks siplays are often arranged by community or municipal organizations since the displays are a good that - Non-excludable. - Non-satiable. - Inelastic. - Inferior. How are the resources needed to establish and maintain property wights defined? - Transaction costs. - Profits. - Externalities. - Benefits. If a good is non-excldable, it is unlikely to be provided by private markets at the socially optimal level due to: - Non-rivalry. - Open range system. - Free-riding. - The absence of transaction costs. Oral contracts are not enforceable. - True. - False. What is fugitive property? - Land and things attached to land. - None of the above. - Something that is movable or intangible. - Property that do not have defined property rights. What is the principle of first possession? - The first person to obtai possession is the right-owner. - First in time, first in right. - First come first served rule. - None of the above. “when conflicting property rights occur, bargaining between the parties involved will lead to an efficient outcome” - Game Theory. - Coase Theorem. - Prisoner dilemma.

- Gauss’s theorem. 20. Why damages are backward-looking? - Because place the position to the past. - Because they compensate for harm already done. - Because specifically forbid future harms from occuring. - None of the above. 21. Lauren promises to pay Jonah $500 because “he does not have as much money” this promise is: - Encorceable bc society wants to keep their promises. - Not enforceable bc Lauren could have given more. - Enforceable bc the redistribution of wealth is a valid goal. - Not enforceable bd Jonah has not given return consideration. 22. What is privatization? - When a business is taken off the stock market. - When a public business is sold to non-government owners. - When a business is declared as private property. - When all the shares of a firm are bought by one shareholder. 23. What is deregulation? - Elimination og government restrictions as a whole. - Elimination of government restrictions to allow free-market competition. - Elimination of corporate officials in large business. - All of the above. 24. What is inalienability? - Objects incapable of being regarded as property and are inalienable. - Rif¡ght that only belong to natural born citizens. - Rights that only belong to immigrants (aliens). - Rights that only belong to aliens from space. 25. What is expropriation? - Take forcible possession of something. - Right of gov’t to remove private property for public use. - Ass to one’s territory by appropiation. - Take possession of something without authoroty....