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INTRO TO CONTRACT LAW

Authored by Syafiqah Johari

Other

University

Used 7+ times

INTRO TO CONTRACT LAW
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35 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Capacity

Offer and Acceptance

Consideration

Cash Value Exchange

2.

MULTIPLE CHOICE QUESTION

1 min • 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

1 min • 1 pt

A contract between two parties for illegal activities is voidable.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 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

1 min • 1 pt

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 twenty-five dollars. Lou accepts.

Betty offers to give Lou the book if Lou promises to pick it up at Betty’s house. Lou agrees.

None of the above

6.

MULTIPLE CHOICE QUESTION

1 min • 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.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Offering a reward to anyone who can return your lost pet is an example of a...

Bilateral contract

Unilateral Contract

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