2.3 Contract Fundamentals

The Statute of Frauds requires certain contracts to be in writing in order to be:

• consummated

• enforceable

• executed

• on a standard form

A contract based on an illegal consideration is:

• valid

• void

• legal

• illegal

A contract contains the following language: "No changes to the agreement may be made without the prior written consent of both parties." What type of communication would be acceptable to alter the agreement?

• a faxed notice delivered by one party

• an email communication from one party received and accepted by the other party

• a telephone conversation between the parties' agents

• an addendum prepare by one of the parties

Which of the following elements is NOT essential to a binding contract:

• lawful object

• legally competent parties

• monetary consideration

• meeting of the minds

If a lease is agreed upon on March 15 but does not take effect until April 1 and ends on April 30 of the following year, the lease:

• must be in writing to be enforceable

• does not need to be in writing to be enforceable

• is an implied contract

• is an invalid contract

In a contract there is always an offer and:

• execution

• acceptance

• counteroffer

• right of rescission

An oral agreement for the sale of real property is:

• unenforceable

• void

• enforceable

• voidable

When a contract is baed on misrepresentation of a material fact, the contract is:

• illegal

• voidable by both parties

• voidable by the party damaged by the misrepresentation

• unenforceable on either party

Y posts a flyer around town offering a reward of $100 for the return of her lost dog. This might be described as an:

• express bilateral contract

• express unilateral contract

• implied bilateral contract

• implied unilateral contract

Coercion and duress were applied against one party in a contract. The contract is:

• void

• voidable

• valid

• enforceable