Credit management legislation

Consideration need not to be adequate but must be:

• money

• sufficient

• accepted

• of equivalent value to goods

Advert on facebook: Car for sale for £2,000 is

• an offer

• an acceptance

• an invitation to treat

• an agreement

A void contract is a contract that:

• Cannot be enforced by the law

• Can be enforced by law

• Can be nullified

• is valid

Which of the following is not a remedy for breach of contract?

• Damages

• Specific performance

• Action for the price

• A fine

Jane shops at a supermarket. A contract is formed when:

• Jane pays for her shopping

• Jane puts her selection in the trolley

• The checkout assistant takes Jane's goods

• Jane picks up items from the shelves

Data Protection Act applies to:

• All records held by the company

• Only manual records

• Only computer records

• Only records of opinions

The Late Payment of Commercial Debts (Interest) Act allows:

• Customers to charge interest on overdue amounts owing

• Commercial banks to charge interest on loans

• Suppliers to charge interest on overdue amounts owing

• Suppliers to give discounts for early payments

A contract made by a company must be in writing

• True

• False

A peppercorn is sufficient to amount to good consideration

• True

• False

The three essential elements of a contract are:

• Agreement, consideration and the intention to create legal relations

• Acceptance, consideration and the intention to create legal relations

• Legal agreement, consideration and acceptance