Law Chapter 5

An oral contract is not enforceable at law.

• True

• False

When a consumer goes to the gas station to get gasoline, the consumer implies a contract when he/she picks up handle on the gas pump that the person will pay for the gasoline.

• True

• False

A valid contract must contain at least four of the six elements of a contract.

• True

• False

When a person puts up a sign for a reward for  lost dog that is known as what type of contract?

• unilateral

• bilateral

• This is not a contract

• counteroffer

The taking back of an offer by the offeror is

• revocation

• rejection

• cancellation

• consideration

A contract that amounts to nothing and has no legal effect is

• unenforceable

• voidable

• void

• unilateral

A contract that contains a promise by both parties is

• express

• implied

• bilateral

• unilateral

To be effective, an offer must be communicated to the

• attorney

• offeree

• lender

• offeror

If a valid offer is met with a valid acceptance, the result is

• misrepresentation

• genuine agreement

• legality

• capacity

To fully understand the nature of contracts we must understand the ____________________ that make up a contract.

• elements

• consideration

• legality

• capacity