Contract Law Quiz

What are the essential elements of a valid contract?

• Offer and acceptance

• Consideration

• Legal capacity

• All of the above

In a unilateral contract, the promise is exchanged for:

• Money

• A specific act

• Goods

• Services

Which type of contract involves promises exchanged between parties?

• Unilateral

• Bilateral

• Multilateral

• Non-lateral

What is a common remedy for breach of contract?

• Damages

• Specific performance

• Rescission

• All of the above

In contract law, what does "consideration" refer to?

• A promise

• Money or something of value

• Legal capacity

• Legality of purpose

Which of the following is an example of a bilateral contract?

• A reward for finding a lost item

• Buying and selling goods

• A promise to pay someone for mowing your lawn

• None of the above

What can lead to a contract being voided?

• Breach of contract

• Invalid contract

• Duress or undue influence

• All of the above

What does the legality of purpose in a contract refer to?

• The purpose must be legal

• The purpose must be illegal

• The purpose must be unclear

• The purpose doesn't matter

What is a negotiable instrument?

• A signed contract

• A document that represents a promise of payment

• A verbal agreement

• A written promise

Which legal document governs commercial transactions, including the sale of goods?

• Constitution

• Uniform Commercial Code (UCC)

• Civil Code

• Commercial Law Act