Quiz on Contract Elements

What term describes the mutual understanding and acceptance of the terms of a contract?

• Agreement

• Dispute

• Conflict

• Rejection

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

• Legality

• Endorsement

• Warranty

• Authentication

What is the term for the legal ability to enter into a binding contract?

• Capacity

• Legality

• Agreement

• Consideration

In what form can an offer be made?

• Only in writing

• Only verbally

• Any form

• Only through a contract

Which of the following is a reason for the termination of an offer?

• Acceptance

• Rejection and counter-offer

• Agreement

• Performance

Can silence be considered as acceptance?

• Yes, always

• Yes, if both parties agree

• No, silence cannot amount to acceptance

• Yes, in certain legal systems

What is the term used to describe the 'give and take' in a contract?

• Consideration

• Obligation

• Agreement

• Warranty

What is the term for consideration that is promised to be done in the future?

• Executed consideration

• Executory consideration

• Past consideration

• Conditional consideration

Which of the following is NOT a requirement for consideration in a simple contract?

• Sufficient but not adequate

• Executory consideration

• Past consideration

• Executed consideration

Which of the following is a type of consideration that has already been completed?

• Executory consideration

• Executed consideration

• Future consideration

• Conditional consideration