Chapter 5 - Business Law

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

• consideration
• capacity
• genuine agreement
• legality

Which of the following is not 1 of the 6 elements of a contract?

• capacity
• consideration
• valid
• genuine agreement

Which of the following is not 1 of the 6 elements of a contract?

• capacity
• consideration
• valid
• genuine agreement

The taking back of an offer by the offeror is called

• revocation
• rejection
• cancellation
• consideration

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

• consideration
• legality
• capacity
• genuine agreement

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

In Ohio, in order for a contract to be enforceable it has to be in writing for all transactions valued over how much?

• $1000
• $100
• $500
• $5000

Payment details and expectations should always be outlined in a contract document

• False

• True

Can a written contract be terminated?

• Yes

• No

Can a written contract be terminated?

• Yes

• No