Contractual Obligations Quiz

What is a warranty in contract law?

• A void term

• A major term of the contract

• A minor term of the contract

• An illegal term

Which of the following is NOT an element of a legal contract?

• Agreement

• Exemption clause

• Mutuality

• Consideration

What does 'caveat emptor' mean?

• Let the agreement be mutual

• Let the contract be void

• Let the buyer beware

• Let the seller beware

Which law provides consumer protection in Australia?

• Australian Consumer Law

• Contract Law Act

• Consumer Protection Act

• Competition and Fair Trading Act

What is the role of the ACCC?

• To terminate contracts

• To provide legal advice

• To enforce consumer rights

• To draft contracts

What is 'ratification' in contract law?

• Approval of a void contract

• Rejection of a valid contract

• Approval of an unauthorized act

• Termination of a contract

Which of the following is a legal defense available to a defendant?

• Breach of contract

• Exemption clause

• Repudiation

• Statutory protection

What is 'consideration' in a contract?

• A legal capacity

• A benefit or detriment exchanged

• A mutual agreement

• A promise to perform

Which term describes a contract that cannot be enforced by law?

• Valid

• Void

• Illegal

• Ratified

What is the purpose of consumer protection provisions?

• To enhance business profits

• To simplify contract terms

• To eliminate competition

• To protect consumer rights