Review Key Concepts: Chapter 7 Legal Terms-Contract Law

Review Key Concepts: Chapter 7 Legal Terms-Contract Law

11th Grade - University

28 Qs

quiz-placeholder

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Review Key Concepts: Chapter 7 Legal Terms-Contract Law

Review Key Concepts: Chapter 7 Legal Terms-Contract Law

Assessment

Quiz

Business

11th Grade - University

Medium

Created by

Kaysha Covington

Used 10+ times

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28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A contract between two parties for illegal activities is not valid.

True

False

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A minor has the capacity to contract when...

Always

Only valid on contracts valuing over $1 Million

For necessities like food, clothing, and lodging

It depends on the state you live in

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is a contract?

Betty offers to give a book to Lou. Lou accepts.

Betty offers Lou the book in exchange for Lou’s promise to pay twenty-five dollars. Lou accepts.

Betty offers to give Lou the book if Lou promises to pick it up at Betty’s house. Lou agrees.

None of the above

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Consideration is...

a set of mutual promises in which each party agrees to give up something to the benefit of the other.

The amount of time one has to accept an offer.

The 5 minutes following an offer that must elapse before an acceptance can take place.

The element of a contract that says the value of what each party is giving up must be equal.

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The person receiving a gift is legally known as 

the donor
the donee
the giftee
the giftor

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The specific time limit for bringing a lawsuit is set down in the statute of 

litigations
limitations
estoppel
release

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A promise unsupported by consideration is generally unenforceable. 

True
False

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