contract

After talking to salesperson on the phone, John agree to buy a set of necklace. What type of contract is this?

• oral

• written

• valid

• unenforceable

what is the general rule of postal acceptance?

• When the seal of the letter is broken by the offeror

• When the letter is posted by the offeree.

• When offeror gets notification from the royal mail or Courier that his letter has been received.

• The offer will be accepted once the letter is received by the offeror.

Mary-Soo offers to sell John-Doh his speakers for $20, 000 but John-Doh says he is willing to pay $15,000. This is an example of

• an executory consideration

• an invitation to treat

• a counter offer

• a contract

A contract entered into with a minor to advance his Education or training is a

• valid contract

• unenforceable contract

• void contract

• voidable contract

What is needed to form a legally binding contract?

• Duty, Breach, Causation Damages

• Offer, Acceptance, Consideration, Intention, Certainty

• Offer, Acceptance, Collateral, Sufficiency

• Invitation to treat, Offer, Counter Offer, Acceptance

Which of the following describes a revocation or termination of an offer?

• Rejection

• Failure to satisfy or perform conditions.

• Counter offer or rejection of the offer.

• The offer may be terminated by passage of time or death of the offeree/offeror

• All of the above are correct

committing an act of violence to obtain a signature on a written contract is coercion.

• False

• True

Which of the following is NOT a remedy for breach of contract

• injunction

• sue for damages

• specific performance

• frustration

Statements stated as facts made to induce a party to enter into a contract but are really untrue are considered as

• fraudulent terms

• common mistakes

• misrepresentation

• unilateral mistake

Matthew purchases a rare antique piece for $5,000. The contract was signed by both parties. In this scenario, who is Matthew?

• offer

• offeree

• acceptor

• offeror