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Business Contracts Quiz

Authored by Kevin Mugina

Financial Education

11th Grade

Used 4+ times

Business Contracts Quiz
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a business contract?

A verbal agreement between two friends

A legally binding agreement between two or more parties

A handshake agreement with no written record

A non-binding agreement based on trust

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a key element of a valid business contract?

Offer and acceptance

Consideration

Legality

Friendship

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is a primary reason for using business contracts?

To make informal promises

To legally enforce obligations between parties

To avoid competition

To increase the cost of doing business

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A contract that must be in written form includes:

A contract to buy a cup of coffee

A real estate purchase agreement

An oral promise between two business owners

A verbal employment agreement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A void contract is one that:

Is legally enforceable

Is made under mutual agreement

Has no legal effect from the beginning

Can be enforced in court

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an express contract?

A contract that is implied by actions

A written lease agreement

A contract that is automatically formed

An illegal gambling contract

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An implied contract is formed when:

Terms are clearly stated in writing

Terms are agreed upon through conduct or actions

There is a written agreement only

The contract is notarized

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