Law of Contract

A/An ______ is a firm proposition put forward by one person to another with an intention to create a binding contract.

• offer

• acceptance

• consideration

• consent

A fair exchange of something value is called as _____.

• consideration

• acceptance

• consent

• capacity

Individuals who age 17 years old can bind into insurance contract, but needs to get written consent from his parents.

• TRUE

• FALSE

The missing of insurable interest elements in insurance contract can leads to _____ contract.

• void

• voidable

• unenforceable contract

Which of the followings is NOT the essential elements of contract

• contribution

• consent

• capacity

• legality

A contract that is not written will become ____.

• void contract

• voidable contract

• unenforceable contract