Contract Law

Which of the following is not a required element of a contract.

• Mutual Assent

• Offer and Acceptance

• Consideration

• Cash Value Exchange

Person's ability to satisfy the elements required for someone to enter binding contracts

• Consideration

• Mutual Assent

• Capacity

• Offer and Acceptance

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

• True

• False

A minor has the capacity to contract when...

• Always

• Only valid on contracts valuing over $1 Million

• For necessities like food, clothing, and lodging

• It depends on the state you live in

What is the name of the form used to make an offer on residential property in Wisconsin?

• 1040EZ

• WB-11

• 1099-INT

• RP-100

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 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

Consideration is...

• a set of mutual promises in which each party agrees to give up something to the benefit of the other.

• The amount of time one has to accept an offer.

• The 5 minutes following an offer that must elapse before an acceptance can take place.

• The element of a contract that says the value of what each party is giving up must be equal.

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

• Bilateral contract

• Unilateral Contract

Which of the following is the most common/ acceptable reason to discharge a contract.

• Performance

• Fraud

• Breach

• Agreement

Which of the following is a remedy to a breached contract?

• Money Damages

• Restitution

• Specific Performance

• All of the above