Contracts

Contracts

11th Grade

15 Qs

quiz-placeholder

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Contracts

Contracts

Assessment

Quiz

Social Studies

11th Grade

Practice Problem

Hard

Created by

John Robinson

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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An expressed contract

must be oral and written

stated in words and may be either oral or written

can only be stated in words

can only be written

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The thing of value promised to be exchanged by parties is known as....

Consideration

Capacity

Offer

Acceptance

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Not all agreements are contracts, but...

All contracts ARE agreements

All agreements are legally binding

An agreement can be changed after the contract is made

All offers are invitations to negotiate

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a contract lacks one or more required elements, it is considered....

Valid

Void

Voidable

Illegal

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Jim hires Pam to paint a mural for $200. He gives her $100 up front, she paints the mural and gets the other $100. This is an example of a(n):

Express contract

Offer and acceptance

Bilateral contract

Unilateral contract

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An express contract is one that is:

Taking place in less than a year

Quick to perform

Created by the actions of the parties

Stated in words or writing

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

A) It involves two parties making promises to each other

B) It involves only one party making a promise

C) It is always written

D) It is always oral

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