Contract Law

After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?

• Verbal

• Unenforceable

• Valid

• Written

Javoris' proposal to sell his car for $5,000 is which element of a contract?

• acceptance

• consideration

• rejection

• offer

Lauren, Avery, and Patrick, all age 15, enter into a contract, what term describes this type of contract?

• bilateral

• valid

• enforceable

• voidable

A contract between two parties for illegal activities is not valid.

• True

• False

Which of the following is a contract?

• Betty offers to give a book to Lou. Lou accepts.

• Betty offers Lou the book in exchange for Lou’s promise to pay twenty-five dollars. Lou accepts.

• Betty offers to give Lou the book if Lou promises to pick it up at Betty’s house. Lou agrees.

• None of the above

Consideration is...

• a set of mutual promises in which each party agrees to give up something to the benefit of the other.

• The amount of time one has to accept an offer.

• The 5 minutes following an offer that must elapse before an acceptance can take place.

• The element of a contract that says the value of what each party is giving up must be equal.

What is the age of majority in Georgia

• 21

• 18

• 20

• 19

The contracts made by infants / minors are void.

• True

• False

Except as provided by statue, oral contracts are just as enforceable as written contracts.

• true

• false

One advantage of a written contract over an oral contract is that a written contract needs no witnesses to establish its existence and terms.

• true

• false