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WorksheetsBusiness Law Ch4
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
If you wait too long to bring a lawsuit, the court may not uphold it because it could be
a)
unenforceable
b)
limited
c)
voidable
d)
fraudulant
2.
Your friend has lost her bracelet and offers you a reward of $50 if you find it. This is an example of a(an)
a)
bilateral contract
b)
unilateral contract
c)
acceptance contract
d)
revocation of a contract
3.
The mirror image rule states that
a)
the terms of an offer are void
b)
the terms in an acceptance must match the terms in the orignal offer
c)
a counter offer must reflect the terms of an offer
d)
the terms of an acceptance must be unilateral
4.
In order for the acceptance to be legally binding, it must be
a)
made in person and in writing by the offeree
b)
unconditional and in writing by the orreror and offeree
c)
made in person and follow the rules regarding the method of acceptance
d)
unconditional and follow the rules regarding the method of acceptancew
5.
In contract law, consideration can be defined as
a)
the think of value promised in exchange for something else of value
b)
anyone who enters into a legal contract has the ability to do so
c)
contracts that involve illegal acts are not allowed
d)
both parties communicating clearly when entering into a contract
6.
A contract that contains a promise by both parties is
a)
express
b)
implied
c)
bilateral
d)
unilateral
7.
To be effective, an offer must be communicated to the
a)
attorney
b)
offeree
c)
lender
d)
offeror
8.
Invitations to deal, trade, or make an order by the seller are considered invitations
a)
of legality
b)
to negotiate
c)
to make a counteroffer
d)
for consideration
9.
A contract that amounts to nothing and has no legal effect is
a)
unenforceable
b)
voidable
c)
void
d)
unilateral
10.
An invitation to negotiate is not an offer
a)
True
b)
False
11.
When a bilateral contract is made, one person makes a promise to do something if and when another person does something
a)
True
b)
False
12.
An oral contract is not enforceable by law
a)
True
b)
False
13.
Contracts for clothing and motor vehicles are examples of exceptions to the mirror image rule
a)
True
b)
False
14.
A valid contract must contain at least four of the six elements of a contract
a)
True
b)
False
15.
Consideration is the legal ability to enter a contract
a)
True
b)
False
16.
Advertisements in newspapers, price tags, and signs in store windows are treated by the law as invitations to negotiate
a)
True
b)
False
17.
A contract that is void has no legal effect
a)
True
b)
False
18.
When you send an acceptance over long distance, it is effective three days after it is sent
a)
True
b)
False
19.
An offer must always be made seriously for it to be legal
a)
True
b)
False
20.
Which of the following is one of the six elements of a valid contract
a)
revocation
b)
genuine agreement
c)
counteroffer
d)
unilateral
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