Contract Law Quiz

A contract is an agreement were one party offers to perform a task or provide goods or services to the other party.

• True

• False

Which of the following is NOT a necessary element of a valid contract?

• Agreement

• Competent Parties

• Consideration

• Warranty

What are the two components of an Agreement in a valid contract?

• Offer and Consideration

• Offer and Acceptance

• Acceptance and Form

• Consideration and Form

Which element of a valid contract involves the exchange of something of value between the parties?

• Agreement

• Competent Parties

• Consideration

• Form

Which of the following are considered offers?

• Bids and proposals.

• Advertisements.

• Invitations for bids.

• Requests for proposals.

Which of the following is NOT a requirement for the format of an offer?

• A) As specified in IFB, RFP or advertisements

• B) As required by law

• C) Must be written

For how long is an offer valid?

• A) As stipulated in IFB, RFP or advertisements

• B) Until accepted

• C) Until withdrawn

• D) Both A and C

What are "Fine print" and "Boilerplate" often referred to as?

• Main clauses

• Standard Terms and Conditions

• Special agreements

• Negotiable terms

What do we sometimes agree on without reading?

• Main clauses

• Special agreements

• Fine print, Boilerplate

• Negotiable terms

To demonstrate acceptance of an offer, an overt act must accompany by mental determination.

• True

• False