Contract Law - Question Set

Which of the following is not an element of a contract?

• Consideration

• Legality

• Fairness

• Offer

Which of the following people have contractual capacity?

• Sports Agents

• Convicts (while imprisoned)

• Minors

• Extremely Intoxicated Persons

What contracts must be in writing?

• Paying someone's debts

• Sale of $500 or more (or longer than a year)

• Contracts for Real Estate/Land

• All the Above

Legal doctrine that requires certain types of contracts be in writing

• Statute of limitations

• Statute of Frauds

• Statute of Repose

• Statue of Liberty

A contract that is legally good

• Valid

• Void

• Voidable

• Unenforceable

If a party can cancel the contract for a legal reason, the contract is

• Valid

• Void

• Voidable

• Unenforceable

A contract that will not hold up in a court of law

• Valid

• Void

• Voidable

• Unenforceable

What is not a requirement of an offer?

• Reasonable and Sensible

• Definite and Certain

• Made Seriously

• Communicated to the offeree

Earvin offers Larry $100 for Larry's shoes. Larry says he will sell them for $200. This is a(n)

• Rejection

• Revocation

• Counteroffer

• Acceptance

If both parties agree to end a contract, the contract can be terminated

• True

• False