law of contract

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

• Mutual Assent

• Offer and Acceptance

• Consideration

• Cash Value Exchange

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

• Consideration

• Mutual Assent

• Capacity

• Offer and Acceptance

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

• True

• False

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

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.

Which of the following is the most common/ acceptable reason to discharge a contract.

• Performance

• Fraud

• Breach

• Agreement

Which of the following is a remedy to a breached contract?

• Money Damages

• Restitution

• Specific Performance

• All of the above

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

What is required to form a legally binding contract?

• Offer, Acceptance, Consideration, Intention, Certainty.

• Duty, Breach, Causation, Damages

• Offer, Acceptance, Collateral, Sufficiency.

• Invitation to treat, Offer, Counter Offer, Acceptance.

What is the definition of an offer?

• An expression of willingness to negotiate.

• A declaration that one party will contract with another.

• Expression of willingness to contract with the party to whom it is addressed, as soon as the latter accepts its terms.

• An invitation for other parties to consider whether they are able to purchase the goods/services.