Valid contract & Offer

Valid contract & Offer

University

15 Qs

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Valid contract & Offer

Valid contract & Offer

Assessment

Quiz

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University

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Vel kumar

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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not a required element of a contract.

Mutual Assent

Offer and Acceptance

Consideration

Cash Value Exchange

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Person's ability to satisfy the elements required for someone to enter binding contracts

Consideration

Mutual Assent

Capacity

Offer and Acceptance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 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

30 sec • 1 pt

After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?

Oral

Unenforceable

Valid

Written

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

donee

donor

offeree

offeror

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jenn asked Lucas if he wanted to buy her car for $5,000. Who is Jenn is this transaction?

donee

donor

offeree

offeror

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