Law of Contract Quiz

Law of Contract Quiz

12th Grade

10 Qs

quiz-placeholder

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Law of Contract Quiz

Law of Contract Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

Created by

DR Hans

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the essential elements of a valid contract?

Free consent and possibility of performance

Capacity of the parties and lawful objects

Consideration and intention to create legal relations

Offer and acceptance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the distinction between an offer and an invitation to treat?

An offer is an expression of willingness to contract on definite terms, while an invitation to treat is an inducement to customers to come and make an offer

An offer is an inducement to customers to come and make an offer, while an invitation to treat is an invitation to negotiate

An offer is an invitation to negotiate, while an invitation to treat is an inducement to customers to come and make an offer

An offer is an inducement to customers to come and make an offer, while an invitation to treat is an expression of willingness to contract on definite terms

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When does an offer become binding on the person making it?

When it is accepted by the other party

When it is communicated to the offeree

When it is posted through a letter

When it is revoked by the offerer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What terminates an offer?

Rejection

Acceptance

Revocation/withdrawal

Death/bankruptcy of offerer

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a counter offer?

A variation of the original terms of an offer

An offer that is not definite or specific in expression

An offer made to a specific person

An offer that is open for a specified duration

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When does acceptance become effective when communicated by post?

When the letter containing the acceptance is lost or destroyed

When the letter containing the acceptance is received by the offerer

When the letter containing the acceptance reaches the offeree

When the letter containing the acceptance is posted

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required for acceptance to be valid?

It must be communicated in the manner prescribed

It must be communicated within a given time

It must be conditional

It must be communicated to the offerer

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