Contracts & Sales
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
This element refers to someone's mental ability to enter into a contract.
Back
capacity
2.
FLASHCARD QUESTION
Front
Which of the following is not 1 of the elements of a contract? capacity, consideration, valid, offer
Back
valid
3.
FLASHCARD QUESTION
Front
A contract that amounts to nothing and has no legal effect is
Back
unenforceable
4.
FLASHCARD QUESTION
Front
Typically, in order for a contract to be enforceable it has to be in writing for all transactions valued over how much?
Back
$500
5.
FLASHCARD QUESTION
Front
A person who agrees to be responsible for another person’s contract is a(n):
Back
cosigner
6.
FLASHCARD QUESTION
Front
All of the following are elements of a contract EXCEPT: acceptance, offer, breach, consideration
Back
breach
7.
FLASHCARD QUESTION
Front
A contract between two parties for illegal activities is not valid.
Back
True
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