Elements of a Contract Review

Michelle makes the following statement to Chloe, "I will sell you my Iphone for $50". This is an example of a(n)

• acceptance

• genuine agreement

• offer

• unilateral contract

Which element of a contract is defined as the legal ability to enter a contract and be held to that contract?

• legality

• consideration

• genuine agreement

• capacity

A second parties unqualified willingness to go along with the first parties proposal.

• genuine agreement

• acceptance

• consideration

• implied contract

Colby purchased a large iced coffee for $10 from Starbucks. The iced coffee and the $10 exchanged is defined as __ when it comes to contracts.

• consideration

• capacity

• acceptance

• legality

To be legally enforceable, a contract is required to be in writing.

• false

• true

When a valid offer is met with a valid acceptance under the free will of the parties involved a ____ has taken place.

• voidable contract

• illegal agreement

• genuine agreement

• voidable contract

Under contract law, all actions contained in the contract must be legal to be enforceable.

• true

• false

Brayden pulls up to the gas pump, inserts his debit card (it's appoved) and proceeds to fill his tank with $25 worth of gas. This is an example of

• an unenforceable contract

• an express contract

• an implied contract

• an oral contract

Brett performed a job for his neighbor with the agreement his neighbor would pay him $200 for the services performed. Six years later Brett has still not received payment, this is now a(n)

• valid contract

• void contract

• voidable contract

• uneforceable

Select all that apply to this example. Kaitlyn and Alyssa write up an agreement that Kaitlyn will buy 25 ice cream cones from Alyssa for $37.50. (Assume they are both 18 years old.)

• It is a valid contract.

• It is a written contract.

• It is an unilateral contract.

• It is a void contract.

• It is an express contract.