3.1 Legal Environment

Which of these elements is NOT required to create a contract?

• Offer
• Acceptance
• Requirement
• Consideration

In order for a contract to be valid, there must be an offer and an agreement

• True

• False

Capacity to contract means that the person

• a. has a genuine need for the goods or services purchased.
• b. has ample room to store goods that are purchased.
• c. has the ability, according to law, to understand his or her actions and the effect of those actions.
• d. all of these.

Something of value is promised

• Genuine Agreement
• Consideration
• Offer
• Acceptance

To form a contract one party makes an offer which is ... by other party

• taken
• accepted
• got
• liked

Tags

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

___________ is a legally binding agreement between two or more people or businesses

• Contract

• Lease

• Consideration

• Acceptance

________ is a proposal to provide a good or service

• Contract

• Lease

• Offer

• Acceptance

___________ means that all parties involved must agree to the terms of the contract

• Contract

• Lease

• Consideration

• Acceptance

_____________ means that something of value must be promised in return

• Contract

• Lease

• Consideration

• Acceptance

________________ requires that parties entering into the contract must understand that it can be enforced by law

• Contract

• Lease

• Intention of Legal Consequences

• Acceptance