Contracts and Global Business

Fill in the blank: A contract is a legally binding agreement between ________ or more parties.

• two

• one

• three

• four

What is the key idea of a contract?

• A) Contracts create rights and duties.

• B) Contracts are only for businesses.

• C) Contracts are always written documents.

• D) Contracts are not legally binding.

Which of the following is an example of a contract?

• Renting an apartment

• Buying a car

• Signing up for a cell phone plan

• All of the above

Fill in the blank: The first element of a valid contract is ________.

• Offer

• Acceptance

• Consideration

• Signature

Fill in the blank: The second element of a valid contract is ________.

• Acceptance

• Consideration

• Legality

• Offer

Fill in the blank: The third element of a valid contract is ________.

• Consideration

• Intention

• Performance

• Offer

Fill in the blank: The fourth element of a valid contract is ________.

• Capacity

• Consideration

• Offer

• Legality

Fill in the blank: The fifth element of a valid contract is ________.

• Legality

• Consideration

• Capacity

• Offer

Fill in the blank: The sixth element of a valid contract is ________.

• Genuine Consent

• Legal Dispute

• Financial Security

• Public Notice

What is the definition of 'Offer'? Fill in the blank: An offer is a proposal by one party to another, showing ________ to enter an agreement.

• willingness

• hesitation

• ignorance

• reluctance