Paralegal Training (Quiz) by Prof. Aliakhbar A. Jumrani

1.    What is a contract?

• A verbal agreement between two parties

• A legally binding agreement between two or more parties

• A written promise without legal obligations

• An informal understanding between friends

2.    Which of the following is NOT an essential element of a contract?

• Offer

• Acceptance

•  Consideration

• Friendship

3. 3. What is consideration in a contract?

• A gift given by one party to another

• The mutual exchange of value between parties

• A promise made without any obligation

• A written document

3. 4.    Which type of contract is requires a particular form to be valid?

• Consensual contract

• Solemn contract

• Real contract

• Personal contract

3. 5.    What does it mean when a contract is voidable?

•  It is legally binding and cannot be canceled

• It is not legally binding from the start

• It can be annulled by one party due to certain circumstances

• It is automatically enforceable

3. 6.    Which of the following is an example of a void contract?

• A sale where one of the parties is a minor

• A compromise agreement between married spouses in order to cohabit with other people

• A lease contract where the lessee failed to pay rentals

• All of the above

3. 7.    What is the statute of frauds?

• A law that requires certain contracts to be in writing

• A rule that allows verbal contracts to be enforceable

• A guideline for determining contract damages

• A principle that voids all oral agreements

3. 8.    Which of the following can terminate a contract?

• Performance

• Novation

• Condonation

• All of the above

3. 9.    What is a breach of contract?

• A mutual agreement to end the contract

• A failure to perform any term of a contract without a legitimate legal excuse

• A modification of the contract terms

• An extension of the contract duration

3. 10.    Which of the following is NOT a remedy for breach of contract?

• Specific performance

• Rescission

• Punitive damages

• Compensatory damages