What is an exculpatory clause?

A clause releasing a party from liability in certain events

A contract that has not yet been fully performed

A contract that requires a specific format to be valid

A debt that is due and certain in amount

What is an executed contract?

A contract that has been completely performed by all parties

A contract that has not yet been fully performed

A contract formed by the conduct of the parties

A contract that does not require a specified format

What is an executory contract?

A contract that has not yet been fully performed

A contract that has been completely performed by all parties

A contract in which terms are explicitly stated

A contract that is due and certain in amount

What is an express contract?

A contract in which terms are fully and explicitly stated

A contract formed by the conduct of the parties

A contract that does not require a specified format

A contract that is due and certain in amount

What does forbearance mean?

The act of refraining from exercising a legal right

A contract that has not yet been fully performed

A clause releasing a party from liability

A contract that requires a specific format

What is a formal contract?

A contract that requires a specific format to be valid

A contract that does not require a specified format

A contract formed by the conduct of the parties

A contract that is due and certain in amount

What is an implied contract?

A contract formed by the conduct of the parties

A contract in which terms are fully and explicitly stated

A contract that requires a specific format

A contract that is due and certain in amount

What is an informal contract?

A contract that does not require a specified format

A contract that requires a specific format to be valid

A contract formed by the conduct of the parties

A contract that is due and certain in amount

What is liquidated debt?

A debt that is due and certain in amount

A contract that has not yet been fully performed

A contract that requires a specific format

A contract formed by the conduct of the parties

What is the Mailbox Rule in contract law?

An offer is considered accepted when the acceptance is communicated (Ex: mail)

An offer is considered accepted when the offeror receives the acceptance

An offer is considered accepted when the offeree signs the contract

An offer is considered accepted when the acceptance is verbally communicated

What does the Mirror Image Rule require in contract law?

Terms of acceptance must exactly match the offer

Terms of acceptance can differ slightly from the offer

Terms of acceptance must be verbally agreed upon

Terms of acceptance can be negotiated after acceptance

What is the Objective Theory of Contracts?

Contracts are judged based on outward, objective facts as interpreted by a reasonable person

Contracts are judged based on the secret intent of the parties

Contracts are judged based on the subjective feelings of the parties

Contracts are judged based on the financial status of the parties

Who is an Offeree in contract law?

A person to whom an offer is made

A person who witnesses the contract

A person who negotiates the contract terms

What is an Option Contract?

A contract which must be available to the offeree to accept or reject for a set period of time

A contract that can be terminated at any time by the offeror

A contract that is only valid for a single transaction

A contract that requires no consideration

What is Promissory Estoppel?

A promise may be considered binding if it led to the detriment of the promisee, regardless of formal consideration

A promise is only binding if it is written and signed

A promise is binding only if it involves a financial transaction

A promise is never binding without formal consideration

What is a Release in contract law?

A contract in which one party gives up the right to pursue legal action against the other

A contract that allows both parties to terminate the agreement at any time

A contract that requires both parties to fulfill their obligations

A contract that is automatically renewed every year

What is a shrink-wrap agreement?

An agreement with terms packaged with goods

A contract that is unenforceable

What does the Statute Of Frauds require?

Contracts to be in writing in some jurisdictions

What is an unconscionable contract?

A contract that is voided because one party is taken advantage of

What is an unenforceable contract?

A contract rendered unenforceable by statute or law

What is a unilateral contract?

A contract accepted by the offeree's performance

What is unliquidated debt?

A debt that is uncertain in amount

A debt that is certain in amount

What does usury refer to?

Charging an illegal rate of interest

Charging a legal rate of interest

Charging a valid rate of interest

What is a valid contract?

A contract that fulfills all required elements

A contract that is unenforceable

What is a voidable contract?

A contract that may be legally avoided

A contract that cannot be canceled

What is Anticipatory Repudiation?

An assertion or action by a party indicating that they will not fulfill a contractual agreement

A condition that must be met before a party's contractual obligation becomes absolute

The termination of an obligation

Damages compensating expenses incurred as a result of a breach of contract

What is a Bilateral Mistake in contract law?

When both parties to a contract are mistaken about the same fact

The excuse from contract performance for a seller when a contingency makes performance impracticable

The release of a debtor from provable debts

Undue pressure to perform actions against one's will

What does Breach of Contract mean?

Failure to perform the obligations of a contract without legal excuse

A possible future event that triggers the performance of a legal obligation

Special damages for indirect or delayed losses

The termination of an obligation

What is Commercial Impracticability?

The excuse from contract performance for a seller when a contractual contingency makes performance impracticable

The release of a debtor from provable debts

Damages compensating expenses incurred as a result of a breach of contract

A condition that must be met before a party's contractual obligation becomes absolute

What is a Condition Precedent?

A condition that must be met before a party's contractual obligation becomes absolute

The termination of an obligation

An assertion or action by a party indicating that they will not fulfill a contractual agreement

Special damages for indirect or delayed losses

What are Consequential Damages?

Special damages for indirect or delayed losses

The termination of an obligation

The release of a debtor from provable debts

Undue pressure to perform actions against one's will

What does Discharge mean in contract law?

The termination of an obligation

Failure to perform the obligations of a contract without legal excuse

A condition that must be met before a party's contractual obligation becomes absolute

Damages compensating expenses incurred as a result of a breach of contract

What is Duress in the context of contract law?

Undue pressure to perform actions against one's will

The excuse from contract performance for a seller when a contingency makes performance impracticable

The release of a debtor from provable debts

A possible future event that triggers the performance of a legal obligation

Contract Law Quiz

Authored by Judd Prescott

Business

12th Grade

Used 2+ times

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94 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for an agreement to be bound by the terms of an offeror's proposal?

Acceptance

Counteroffer

Consideration

Contractual Capacity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes an agreement and the completion of that agreement between two parties as an alternative to a previous agreement?

Accord And Satisfaction

Bilateral Contract

Covenant Not To Sue

Browse-Wrap Terms

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In contract law, what is a meeting of minds about the terms of a contract called?

Agreement

Counteroffer

Covenant Not To Compete

Click-On Agreement

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of contract involves a promise given in exchange for a promise?

Bilateral Contract

Accord And Satisfaction

Covenant Not To Sue

Browse-Wrap Terms

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are terms called that are agreed to by use of a website or program, without explicit agreement?

Browse-Wrap Terms

Click-On Agreement

Contractual Capacity

Counteroffer

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for terms agreed to directly by the user, such as clicking an 'I agree' button?

Click-On Agreement

Browse-Wrap Terms

Covenant Not To Compete

Accord And Satisfaction

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the value given in return for a promise or performance called?

Consideration

Acceptance

Counteroffer

Contractual Capacity

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Contract Law Quiz

What is the term for an agreement to be bound by the terms of an offeror's proposal?

Which term describes an agreement and the completion of that agreement between two parties as an alternative to a previous agreement?

In contract law, what is a meeting of minds about the terms of a contract called?

What type of contract involves a promise given in exchange for a promise?

What are terms called that are agreed to by use of a website or program, without explicit agreement?

What is the term for terms agreed to directly by the user, such as clicking an 'I agree' button?

What is the value given in return for a promise or performance called?

What is a court enforceable agreement between two or more parties called?

What is the legal ability to enter into a contract called?

What is the rejection of the initial offer while making a new offer called?

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