Contract Law Quiz

What is a contract?

• A verbal promise between friends

• A written agreement between colleagues

• A formal agreement between two parties

• A social agreement between family members

What are the steps involved in forming a contract?

• Offer and acceptance, free consent, lawful consideration, enforceability by law

• Oral agreement, mutual consent, lawful consideration, written form

• Written agreement, mutual consent, lawful consideration, enforceability by law

• Offer and acceptance, coercion, unlawful consideration, enforceability by law

What is the difference between bilateral and unilateral contracts?

• Bilateral contracts involve a promise from one party, while unilateral contracts involve promises from both parties

• Bilateral contracts involve a single promise, while unilateral contracts involve multiple promises

• Bilateral contracts involve promises from both parties, while unilateral contracts involve a promise from one party in exchange for an action from another party

• Bilateral contracts involve multiple parties, while unilateral contracts involve only one party

What are the essential elements of a contract?

• Offer, acceptance, written form, mutual consent, lawful consideration

• Agreement, consideration, intention to create legal relations, capacity, absence of vitiating factors

• Oral agreement, consideration, intention to create legal relations, capacity, absence of vitiating factors

• Agreement, coercion, intention to create social relations, capacity, absence of vitiating factors

What is the difference between void and voidable contracts?

• Void contracts are regarded as nullity, while voidable contracts are enforceable at the option of one or more parties

• Void contracts are enforceable, while voidable contracts are regarded as nullity

• Void contracts are enforceable at the option of one or more parties, while voidable contracts are regarded as nullity

• Void contracts are valid, while voidable contracts are invalid

What are the features of void agreements?

• Agreements made by competent parties, unlawful consideration, uncertain terms, wager, impossible acts, restraint of legal proceedings

• Agreements made by incompetent parties, unlawful consideration, uncertain terms, wager, impossible acts, restraint of legal proceedings

• Agreements made by competent parties, lawful consideration, certain terms, no wager, possible acts, no restraint of legal proceedings

• Agreements made by incompetent parties, lawful consideration, certain terms, no wager, possible acts, no restraint of legal proceedings

What are the features of voidable contracts?

• Enforceable by law at the option of one party, operates as a valid contract unless avoided, anything obtained under the contract must be returned

• Enforceable by law at the option of one or more parties, operates as an invalid contract unless avoided, anything obtained under the contract must be returned

• Enforceable by law at the option of one or more parties, operates as a valid contract unless avoided, anything obtained under the contract must be returned

• Not enforceable by law, operates as a valid contract unless avoided, anything obtained under the contract must be kept

What are the classifications of contracts according to validity?

• Voidable contracts, void contracts, valid contracts, unenforceable contracts

• Voidable contracts, valid contracts, illegal contracts, unenforceable contracts

• Valid contracts, void contracts, illegal contracts, unenforceable contracts

• Voidable contracts, void contracts, illegal contracts, unenforceable contracts

What are the classifications of contracts according to formation?

• Formal contracts, simple contracts, unilateral contracts, bilateral contracts

• Formal contracts, simple contracts, unilateral contracts, e-commerce contracts

• Express contracts, implied contracts, formal contracts, simple contracts

• Express contracts, implied contracts, quasicontracts, e-commerce contracts

What are the classifications of contracts according to performance?

• Executed contracts, executory contracts, unilateral contracts, bilateral contracts

• Executed contracts, executory contracts, formal contracts, simple contracts

• Executed contracts, executory contracts, voidable contracts, unenforceable contracts

• Executed contracts, executory contracts, express contracts, implied contracts