Contracts & Sales

This element refers to someones mental ability to enter into an contract.

• consideration
• legality
• capacity
• genuine agreement

Which of the following is not 1 of the elements of a contract?

• capacity

• consideration

• valid

• offer

A contract that amounts to nothing and has no legal effect is 

• unenforceable
• voidable
• void
• unilateral

Typically, in order for a contract to be enforceable it has to be in writing for all transactions valued over how much?

• $1000

• $100

• $500

• $5000

A person who agrees to be responsible for another person’s contract is a(n):

• secondary partner

• companion

• cosigner

• mutual contractor

All of the following are elements of a contract EXCEPT:

• accepatance

• offer

• breach

• consideration

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

• True

• False

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 $10. Lou accepts.

• Betty offers to give Lou the book for $10, Lou refuses.

• None of the above

A written or oral agreement between 2 parties.

• Memo

• Invoice

• Contract

• Requisition

A verbal agreement made out loud during conversation. Most difficult type of contract to enforce.

• Oral

• Implied

• Express

• Analytical