Chapter 9: Basic Contract Law

Chapter 9: Basic Contract Law

Professional Development

15 Qs

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Chapter 9: Basic Contract Law

Chapter 9: Basic Contract Law

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

Created by

Chris Nyce

Used 30+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A contract in which mutual promises are exchanged at the time of signing (execution) is termed:

A. multilateral
B. unilateral
C. bilateral.
D. promissory.

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Of the following statements regarding voidable contracts, which is NOT correct?

A. A voidable contract can be voided by one or more parties.
B. A voidable contract can be legally consummated by the parties.
C. A voidable contract can never be consummated.
D. A voidable contract results from failure to meet some legal requirement in negotiating the agreement.

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

For contracts in general, except for those of the sale of real property, the essential elements include all of the following EXCEPT:

A. competent parties.
B. offer and acceptance.
C. legality of object.
D. writing.

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

When are contracts considered to be assignable?

A. ONLY when it is specifically stipulated in the contract that it is assignable.
B. Contracts are always considered to be assignable.
C. Anytime it is not prohibited.
D. Contracts are never considered assignable.

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following is the basis of duress?

A. fear
B. mistake
C. indefiniteness
D. illusion

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

A contract to sell real property may be terminated by each of the following EXCEPT:

A. full performance.
B. breach of contract.
C. mutual agreement.
D. death.

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following has the effect of terminating contracts?

A. consideration
B. bankruptcy
C. exercise
D. assignment

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