POB- CONTRACTS

What is a contract?

• An agreement between 2 parties

• An agreement between 2 or more parties which is enforceable by law

• An agreement which is unenforceable

• A written agreement between 2 parties

Which of the following is a contract?

• Khabib offers to give a book to Conor. Conor accepts.

• Khabib offers to give Conor the book if Conor promises to pick it up at Khabib's house. Conor agrees.

• Khabib offers Conor the book in exchange for Conor’s promise to pay $ 29.00. Conor accepts.

• None of the above.

A person making a proposal or an offer is known as:

• offeree

• offeror

• buyer

• seller

What is the missing element from this contract?

Tommy says "I'm thinking about selling my bicycle." Bobby says "I'll take it, here's $400 dollars."

• offer

• exchange of consideration

• written agreement

• acceptance

A contract to hire a hit man/gangster would be unenforceable because of what missing element?

• Consideration

• Capacity

• Legality

• Free Consent

What method of communication cannot be used to constitute an acceptance?

• Silence

• Verbal

• Email

• WhatsApp

A/An ________________ occurs when one party to a contract does not do what he or she agreed to do.

• breach

• fraud

• consideration

• ratification

A minor has the capacity to contract when ______

• For necessities like food, clothing, and shelter

• For contracts valuing over $1 million.

• The new iPhone comes out in stores worldwide.

• The minor wishes to do so at his own time and convenience.

What is a counter offer?

• A further offer made by the original offeror.

• Where a party seeks to change or vary terms of the original offer or seeks to introduce a new term(s).

• Where a party seeks to introduce a secondary or ancillary agreement to the original contract.

• A rejection and withdrawal of the original offer.

What are the 7 elements of contract.

• Offer, acceptance, consideration, intention to create legal relation, certainty, capacity and free consent.

• Offer, certainty, Acceptance, consideration, intention, capacity and consent.

• Offer, certainty, Acceptance, money, intention, capacity and consent.

• Offer, certainty, Acceptance, consideration, intention to create legal relation, capacity and consent