Contract law

Which of the following is necessary for a contract to be legally binding?

• Invitation to treat
• Acceptance
• Advertisement
• Negotiation

What term describes a false statement made during negotiations that induces the other party to enter into a contract?

• Representation
• Warranty
• Misrepresentation
• Condition

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

• Damages
• Rescission
• Restitution
• Invitation to treat

What term refers to the mutual exchange of promises or something of value in a contract?

• Offer
• Consideration
• Acceptance
• Capacity

Which of the following can terminate an offer?

• Counter offer
• Invitation to treat
• Acceptance
• Consideration

What is the term for a contract that is void from the beginning and cannot be enforced by either party?

• Voidable contract
• Void contract
• Unilateral contract
• Bilateral contract

Which of the following is an equitable remedy for breach of contract?

• Damages
• Specific performance
• Liquidated damages
• Penalty clause