Contracts Quiz: Offer and Acceptance

Harper, Henry, and Aria are planning to start a business together. According to law, what constitutes a contract between them?

• A contract must be a signed agreement between Harper, Henry, and Aria.

• A contract is a binding agreement between Harper, Henry, and Aria that the law will enforce.

• A contract is not a binding agreement between Harper, Henry, and Aria that is not enforceable by law.

• A promise made by Harper to Henry and Aria.

Mia communicated an offer to Anika. Can Mia revoke her offer once it has been communicated to Anika?

• No

• Yes

• Only on weekends

• Maybe

Harper made an offer to Benjamin to sell her old bicycle. Benjamin is interested in the offer. What are the requirements for Benjamin's acceptance of Harper's offer to be valid?

• Benjamin must communicate his acceptance, show intention to accept, and unconditionally accept in the manner specified in Harper's offer.

• Benjamin must verbally accept only

• Benjamin must accept through email only

• Benjamin must reject the offer

Kai received an offer from Nora but didn't respond. Is Kai's silence considered as acceptance of Nora's offer?

• No

• Depends on the situation

• Yes

• Maybe

Henry is selling his car and Anika shows interest in buying it. Anika, however, is not happy with the price and suggests a lower price. Mia, who is observing the negotiation, asks Henry about the car's mileage. What is the difference between Anika's and Mia's actions?

• Anika's action is legally binding as a counteroffer, while Mia's action is not because it's a mere inquiry.

• Anika's action includes new terms as a counteroffer, while Mia's action is a request for more information, hence a mere inquiry.

• Anika's action is a rejection of the original offer as a counteroffer, while Mia's action is a request for clarification, hence a mere inquiry.

• Anika's action is made by the offeree as a counteroffer, while Mia's action is made by the offeror as a mere inquiry.

Benjamin and Daniel are discussing a contract. According to their discussion, which of the following is NOT an element of a valid contract?

• Both Benjamin and Daniel understand and agree to basic terms.

• Zoe promises something of value in exchange for an action.

• Daniel makes a promise to do something.

• Zoe accepts terms that are different than what Benjamin initially offered.

What is consideration in the context of contracts?

• Each party must give something of value in exchange for the other party's promise or performance.

• Consideration is only required for verbal contracts

• Consideration is not necessary in contract law

• Consideration is the act of thinking carefully about something

Abigail, Benjamin, and Nora are discussing a business deal. They wonder if an offer they made can be terminated by operation of law. Is this possible?

• Yes

• Only on weekends

• Maybe

• No

Which of these is true?

• A person can enter a legal contract with themselves.

• A minor (under the age of 18) generally cannot enter into a contract.

• A contract that asks a party to commit a crime is enforceable by law.

• A contract has to be written with specific terms.

William, Oliver, and Michael are discussing a business deal. Under what circumstances can the offer made by William be terminated by Michael?

• Michael accepts the offer

• Michael negotiates the offer

• When the moon expires

• Michael rejects the offer, makes a counteroffer, the time for the offer lapses, or William revokes the offer