Business Contracts Quiz

What is a key characteristic of a bilateral contract?

• It involves a promise made by only one party.
• It involves the exchange of mutual promises.
• It is always in written form.
• It is only valid for a fixed time period.

Which of the following is NOT a form of contract?

• Written contract
• Oral/verbal agreement
• Implied contract
• Digital contract

What distinguishes an express contract from other types?

• It is always written.
• The terms are stated explicitly at the time of formation.
• It is only valid for one year.
• It involves a third-party witness.

Which element is necessary for a contract to be considered valid?

• A third-party mediator
• A written document
• Legality
• A minimum of three parties

In a unilateral contract, what must the offeree do?

• Make a counter-offer
• Perform a requested act
• Provide written consent
• Agree to mutual promises

What is the primary purpose of a lease contract?

• To sell an asset
• To rent an asset
• To transfer ownership
• To employ a worker

Which type of contract is typically used for civil servants and government employees?

• Part-time contract
• Annual contract
• Permanent contract
• Express contract

What is a void contract?

• A contract that is not legally enforceable
• A contract that is valid for a fixed time
• A contract that involves mutual promises
• A contract that is only oral

What is the significance of 'consideration' in a contract?

• It ensures the contract is in writing.
• It involves giving something in return.
• It requires a third-party witness.
• It specifies the contract duration.

Which type of contract involves a promise made by only one party?

• Bilateral contract
• Unilateral contract
• Express contract
• Executed contract