Contract Law

Front

Which of the following is not a required element of a contract: Mutual Assent, Offer and Acceptance, Consideration, Cash Value Exchange?

Back

Cash Value Exchange

Front

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

Back

True

Front

A minor has the capacity to contract when...

Back

For necessities like food, clothing, and lodging

Front

Which of the following is a contract? Options: Betty offers to give a book to Lou. Lou accepts. Betty offers Lou the book in exchange for Lou’s promise to pay twenty-five dollars. Lou accepts. Betty offers to give Lou the book if Lou promises to pick it up at Betty’s house. Lou agrees. None of the above

Back

Betty offers Lou the book in exchange for Lou’s promise to pay twenty-five dollars. Lou accepts.

Front

Offering a reward to anyone who can return your lost pet is an example of a...

Back

Unilateral Contract

Front

After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?

Back

Oral

Front

What law requires a real estate contract to be in writing when a change is handwritten?

Back

Statute of Frauds

Front

In a contract where Jim purchases a rare antique piece for $5,000, 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

Kyree decides to sell her music collection for $550. Does this contract have to be in writing?

Back

Yes