Business Law- Quiz 1

What is the primary purpose of contracts in business law?

• To establish brand identity

• To ensure ethical business practices

• To govern interactions between parties and create legally binding agreements

• To protect intellectual property

An agreement enforceable by Law is a

• Promise

• Contract

• Obligation

• 
  Lawful promise

A void agreement is one which is

• Valid but not enforceable

• 
  Enforceable at the portion of both parties

• Enforceable at the portion of one party

• Not enforceable in a Court of Law

An agreement which is enforceable by law at the portion of one or more of the parties thereon but not at the option of the other or others is a :

• Valid Contract

• Void Contract

• Voidable Contract

• 
  Illegal Contract

Which is the following is false? An offer to be valid must;

• Intend to create legal relations

• Have certain and unambiguous terms

• Contain a term the non‐compliance of which would amount to acceptance

• Be communicated to the person to whom it is made

In case of illegal agreements the collateral agreements are

• Valid Contract

• Void Contract

• Voidable Contract

• None of these

A proposal when accepted becomes a:

• Promise

• 
  Contract

• 
  Offer

• Acceptance

Ordinarily, a minor’s agreement is

• 
  
  Void ab initio

• 
  Voidable

• 
  Valid

• Unlawful

Consent is not said to be free when it is caused by

• Coercion

• 
  Undue influence

• 
  Fraud

• All of these

The threat to commit suicide amounts to

• Coercion

• 
  Undue influence

• Misrepresentation

• Fraud