Business Law: Chapter 5 Contracts

An agreement enforceable by law is ?

• Verdict

• Contract

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• Capacity

The Theory of Contract Law that specifically relies on the form of the agreement

• Will Theory of Contract Law

• Equity Theory of Contract Law

• Formalist Theory of Contract Law

• None of these

There are 6 elements of a contract

• True

• False

To be legally complete, a contract must include at least 5 of the 6 elements of a contract

• True

• False

A proposal by one party to another intended to create a legally binding agreement

• Acceptance

• Consideration

• Legality

• Offer

The legal ability to enter into a contract

• Consideration

• Capacity

• Acceptance

• Legality

The thing of value promised to one party in a contract in exchange for something else of value

• Legality

• Capacity

• Consideration

• Acceptance

Parties are allowed to enforce contracts that involve illegal acts

• True

• False

A contract that has NO legal affect

• Valid

• Voidable

• Unenforceable

• Void

When a party to a contract is able to cancel a contract for some legal reason

• Voidable contract

• Unenforceable contract

• Void

• Valid