Contract Law Quiz

What is the definition of a contract?

• A verbal agreement between two parties

• A legally enforceable promise to do or not to do something

• A set of informal rules for negotiation

• A discussion between two parties about trade

What must a contract have to be enforceable?

• An oral agreement

• A legal purpose and capacity of the parties

• A handshake

• An informal promise

What is mutual assent also known as?

• Quasi-contract

• Substantial performance

• Meeting of the minds

• Capacity

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.6.5

CCSS.RI.7.5

Which type of contract arises from the conduct of the parties?

• Express contract

• Implied-in-fact contract

• Quasi-contract

• UCC contract

What governs contracts for services under common law?

• The UCC

• The Statute of Frauds

• The Mirror Image Rule

• Common law

What is required for a valid offer under common law?

• A mutual promise between two parties

• Definiteness and certainty in essential elements

• An informal discussion about the terms

• A counteroffer

Which rule requires acceptance to be a mirror image of the offer?

• Statute of Frauds

• Mirror Image Rule

• Automatic Stay

• Substantial Performance

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

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

• Consideration

• Mutual Assent

• Capacity

• Delivery

What type of contract is governed by the UCC?

• Service contracts

• Contracts for the sale of goods

• Contracts involving real estate

• Contracts for employment

What is a counteroffer?

• A mirror image acceptance of an offer

• A rejection of an offer with a new proposal

• An implicit agreement between parties

• An equitable remedy imposed by the court