1. Contract and Its Types

What is the definition of a contract according to Pollack?

• An agreement that creates no obligations

• A promise made between friends

• Every agreement and promise enforceable at law

• An agreement that is not enforceable

Which of the following is NOT an essential of a valid contract?

• Free Consent

• Legal Obligation

• Offer and Acceptance

• Mutual Benefit

What does 'lawful consideration' mean in a contract?

• A contract that is void

• Something in return for a promise

• A promise made without any exchange

• An agreement that is not enforceable

Which of the following parties is NOT competent to contract?

• An adult

• A person of sound mind

• A person not disqualified by law

• A minor

What is meant by 'free consent'?

• Consent given voluntarily

• Consent given in a public place

• Consent that is not legally binding

• Consent obtained under coercion

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

• A contract to borrow money

• A contract to paint a house

• A contract to sell a horse that is dead

• A contract to sell a car

What type of contract is enforceable at the option of one party?

• Valid Contract

• Void Contract

• Voidable Contract

• Unenforceable Contract

Which of the following is an express contract?

• A contract inferred from actions

• A contract that is not enforceable

• A contract made verbally or in writing

• A contract that is implied

What is an executory contract?

• A contract that has been fully performed

• A contract where obligations are yet to be performed

• A contract that is unenforceable

• A contract that is void

Which of the following is a characteristic of a unilateral contract?

• It is always written

• Both parties must perform

• Only one party has to perform

• It cannot be enforced