True/False (BUSINESS LAW)
1. When a contract may be cancelled at will by either party, the statute of frauds is not applicable because the contract may be terminated within one year.
2. Fraud requires an intent to deceive.
3. Generally, advertisement, catalog prices and circulars are offers that can be 1 accepted.
4. Consideration can be an act or the promise to performance an act.
5. An assignment is a transfer of rights and a delegation is a transfer of duties.
6. A house-painting contract is discharged if because of continual rain the painter cannot complete the painting by the time specified in the contract.
7. Punitive damages generally are recoverable in contract actions.
8. An ordinary gift made between two living persons is known as an inter vivos gift.
9. For an agency to be terminated by operation of law because of the principal’s death, the agent must be notified of the death.
10. A corporation must have at least two shareholders.