Chapter 4.1 Quiz - Agreements and Contracts

An oral contract is not enforceable by law....

• True

• False

A valid contract must contain at least four of the six elements of a contract.

• True

• False

Consideration is the legal ability to enter a contract.

• True

• False

When a bilateral contract is made, one party makes a promise to do something in exchange for the other's promise to do something else.

• True

• False

A contract that is void has no legal effect.

• True

• False

A contract that amounts to nothing and has no legal effect is

• unenforceable

• void

• voidable

• unilateral

A contract that contains a promise by both parties is

• express

• bilateral

• implied

• unilateral

If you wait too long to bring a lawsuit, the court may not uphold it because it could be

• unenforceable

• voidable

• limited

• fraudulent

Your friend has lost her bracelet and offers you a reward of $50 if you find it. This is an example of a(n)

• bilateral contract

• unilateral contract

• acceptance contract

• revocation of a contract

In contract law, consideration can be defined as

• the thing of value promised in exchange for something else of value.

• anyone who enters into a legal contract has the ability to do so.

• contracts that involve illegal acts are not allowed.

• both parties communicating clearly when entering into a contract