law of contract

law of contract

5th Grade

33 Qs

quiz-placeholder

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law of contract

law of contract

Assessment

Quiz

Business

5th Grade

Medium

Created by

Edward Fanning

Used 3+ times

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33 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

45 sec • 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

5.

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.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Performance

Fraud

Breach

Agreement

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Money Damages

Restitution

Specific Performance

All of the above

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