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Business Contract Quiz

Authored by Berry Harmon

Business

University

Used 7+ times

Business Contract Quiz
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What are four elements of a business contract?

offer, acceptance, consideration, intention to create illegal relations

offer, acceptance, consideration, legality

offer, acceptance, consideration, intention to create social relations

offer, acceptance, consideration, intention to create personal relations

2.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Which type of contract is formed when both parties exchange promises?

void contract

unilateral contract

bilateral contract

executed contract

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is the term for the act of one party making an offer to another party?

Proposal

Negotiation

Offer

Agreement

4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is consideration in a business contract?

Consideration is a legal term for the termination of a contract.

Consideration is a type of penalty imposed on a party who breaches a contract.

Consideration is something of value that is exchanged between parties in a contract.

Consideration is a clause in a contract that allows one party to change the terms without notice.

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Which type of contract is formed when one party makes a promise in exchange for an act from the other party?

bilateral contract

void contract

executed contract

unilateral contract

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is the legal term for the ability of a person to enter into a contract (sound mind)?

competence

capacity

incapacity

liability

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is the term for the act of accepting an offer in a business contract?

agreement

rejection

negotiation

acceptance

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