LEB Test (11-21-2024)

Front

The requirement of a legally enforceable contract that states "to have a completely enforceable agreement, the parties must have the legal ability to contract for themselves." is

Back

capacity

Front

In the scenario where Jim purchases a rare antique piece for $5,000 and the contract was signed by both parties, who is Jim?

Back

offeree

Front

Robert offered a reward for anyone who returns his lost wallet. What type of contract is this?

Back

unilateral

Front

Jenn asked Lucas if he wanted to buy her car for $5,000. Who is Jenn in this transaction?

Back

offeror

Front

What is the first element of a contract?

Back

Offer

Front

Which of the following is NOT an element of a contract? Company Logo, Legal Purpose, Offer, Consideration

Back

Company Logo

Front

A written contract in which the subject is clearly stated and all details are included. Most enforceable type of contract by law.

Back

Express

Front

A verbal agreement made out loud during conversation. Most difficult type of contract to enforce.

Back

Oral

Front

When one or both parties fail to perform their duties in the contract.

Back

Breach

Front

In this type of contract, the details are assumed.

Back

Implied