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WorksheetsBusiness Law 2.01
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
John proposes to sell his car to Jan for $500. What element of a contract did John propose?
a)
Acceptance
b)
Offer
c)
Rejection
d)
Revocation
2.
Betty lost her wallet at a school ballgame. She offers a reward of $25 to anyone who returns the wallet. What type of contract is this?
a)
Bilateral
b)
Implied
c)
Unilateral
d)
Void
3.
John sold a watch he owned to Jim. What term is used to identify the watch in this transaction for Jim?
a)
Benefit
b)
Counteroffer
c)
Detriment
d)
Forbeance
4.
Jennifer asked Jason if he wanted to buy her car for $5,000. Who is Jennifer in this transaction?
a)
Donee
b)
Donor
c)
Offeree
d)
Offeror
5.
After being offered a new car at a discount, Lisa decided to turn down the offer. How was this contract terminated?
a)
Referral
b)
Refusal
c)
Rejection
d)
Revocation
6.
If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into affect?
a)
When offered
b)
When received
c)
When sent
d)
When written
7.
A threat against a person’s business would violate which element?
a)
Capacity
b)
Consideration
c)
Genuine agreement
d)
Legality
8.
Agreeing to give false testimony violates which element?
a)
Capacity
b)
Consideration
c)
Legality
d)
Offer
9.
When Donnie, Matt, and Steve, all age 15, enter into a contract, what term describes this type of contract?
a)
Bilateral
b)
Valid
c)
Void
d)
Voidable
10.
John’s agreeing to Jason’s proposal to sell his car is which element of a contract?
a)
Acceptance
b)
Consideration
c)
Rejection
d)
Revocation
11.
Mark purchases a piece of rare art from Jill for $5,000. The contract was written and signed by both parties. In this scenario, who is Mark?
a)
Donee
b)
Donor
c)
Offeree
d)
Offeror
12.
After being threatened at gunpoint, Dale cancels his contract based on which part of a genuine agreement?
a)
Bilateral Mistake
b)
Duress
c)
Fraud
d)
Unilateral Mistake
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