Contracts & Sales

Front

This element refers to someone's mental ability to enter into a contract.

Back

capacity

Front

Which of the following is not 1 of the elements of a contract? capacity, consideration, valid, offer

Back

valid

Front

A contract that amounts to nothing and has no legal effect is

Back

unenforceable

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

Front

A person who agrees to be responsible for another person’s contract is a(n):

Back

cosigner

Front

All of the following are elements of a contract EXCEPT: acceptance, offer, breach, consideration

Back

breach

Front

A contract between two parties for illegal activities is not valid.

Back

True

Front

Which of the following is a contract?
Betty offers to give a book to Lou. Lou accepts.
Betty offers Lou the book in exchange for Lou’s promise to pay $10. Lou accepts.
Betty offers to give Lou the book for $10, Lou refuses.
None of the above

Back

Betty offers Lou the book in exchange for Lou’s promise to pay $10. Lou accepts.

Front

A written or oral agreement between 2 parties.

Back

Contract

Front

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

Back

Oral