7-1 Elements of a Contract

7-1 Elements of a Contract

9th - 12th Grade

10 Qs

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7-1 Elements of a Contract

7-1 Elements of a Contract

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Steve Wills

Used 2+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required for a contract to be legally enforceable?

Offer, acceptance, consideration, capacity, intention, and lawful purpose

Offer, acceptance, consideration, and a witness

Offer, acceptance, and a handshake

Offer, acceptance, and a written document

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an offer in contract law?

A promise to perform a specific act in the future

A written document outlining the terms of a contract

A verbal agreement between two parties

A proposal made by one party to another to enter a contract based on specified terms

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a form of an offer?

Verbal offer

Offer by silence

Written offer

Offer by action

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a counteroffer?

An acceptance of the original offer

A rejection of the original offer

A response to an offer that proposes alternative terms

A verbal agreement to the original offer

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does consideration in a contract refer to?

The lawful purpose of the contract

The intention to create a binding agreement

Something of value exchanged between parties

The legal ability to enter into a contract

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who generally lacks the capacity to enter into a contract?

Minors under 18

Individuals over 18

Mentally competent adults

Corporations

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What demonstrates the intention to enter into a contract?

Refusing to negotiate

Signing the contract

Ignoring the contract terms

Discussing the contract terms casually

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