Contract Law

Contracts are the agreements between two or more parties that create obligations.

• True

• False

ALL serious agreements are contracts.

• True

• False

If you make an offer in jest, but a reasonable person would interpret your conduct otherwise, you have made an offer.

• True

• False

When the offeror communicates an offer to contract, the offeree is not required to accept it, but he or she may choose to do so.

• True

• False

Consideration is the legal ability to understand or enter a contract.

• True

• False

Every offer, when properly made, is always ended by either an acceptance or rejection by the offeree.

• True

• False

An offer made to one specific person can be accepted by different random person.

• True

• False

An offeror's attempt to word the offer so that silence would appear to be an acceptance is valid.

• True

• False

Contracts can have an unclear ending time and still be valid.

• True

• False

Which of the following is NOT one of the major requirements for a contract?

• It must be written with ink on paper

• Genuine Assent

• Capacity

• Consideration