Contracts

A written or oral agreement between 2 parties.

• Memo

• Invoice

• Contract

• Requisition

What is an example of a contract?

• Employment contract

• Sales contract

• Rental contract

• All of the above

What is the first element of a contract?

• Consideration

• Acceptance

• Capacity

• Offer

Which of the following is NOT an element of a contract?

• Company Logo

• Legal Purpose

• Offer

• Consideration

An order form or receipt is an example of this type of contract.

• Written

• Oral

• Implied

• Express

A written contract in which the subject is clearly stated and all details are included. Most enforceable type of contract by law.

• Oral

• Implies

• Express

• Analytical

A verbal agreement made out loud during conversation. Most difficult type of contract to enforce.

• Oral

• Implied

• Express

• Analytical

In this type of contract, the details are assumed.

• Oral

• Written

• Implied

• Express

When one or both parties fail to perform their duties in the contract.

• Implied

• Breach

• Implied

• Requisition

An oral contract will be easier to enforce if...

• it is recorded

• there is a witness

• there are multiple witnesses

• all of the above