Business Law Final Exam Review of Contracts

Which of the following is not a requirement of a contract?

• capacity
• consideration
• validity
• genuine agreement

This element refers to someones mental ability to enter into an contract.

• consideration
• legality
• capacity
• genuine agreement

Which of the following is not one of the requirements of a valid offer?

• has serious intent
• terms are definite and complete
• put in writing
• communicated to offeree

A contract that contains a promise by both parties (a promise for a promise) is 

• expressed
• implied
• bilateral
• unilateral

If both parties willingly want to enter into the contract, they have

• misrepresentation
• genuine assent
• legality
• capacity

An offer in the form of a reward is an example of what type of a contract?

• bilateral

• implied

• unilateral

• void

A voidable contract 

• has no seal
• is not in writing
• has no legal effect at all
• can be voided by at least 1 of the parties

Under this rule, the acceptance must match the terms of the original offer.

• counteroffer
• mirror image
• formalist theory
• bilateral

In order to enter into a contract you must how old do you have to be for it to be enforceable in court?

• 21
• 19
• 18
• 16

A contract to hire a hit man would be unenforceable because of what missing element?

• consideration
• capacity
• genuine agreement
• legality