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WorksheetsB-Law Ch. 5 Contract Law
Total questions: 29
Worksheet time: 14mins
Name
Class
Date
1.
An oral contract is NOT enforceable by law.
a)
True
b)
False
2.
Advertisements in newspapers, price tags, and signs in the store windows are treated by the law as invitations to negotiate.
a)
True
b)
False
3.
An acceptance of an offer to sell goods may not change the terms of the offer if both the offeror and offeree are nonmerchants.
a)
True
b)
False
4.
A valid contract must contain at least four of the six elements of a contract.
a)
True
b)
False
5.
Consideration is the legal ability to enter a contract.
a)
True
b)
False
6.
The taking back of an offer by the offeror is
a)
revocation
b)
rejection
c)
cancellation
d)
consideration
7.
A contract that amounts to nothing and has no legal effect is
a)
unenforceable
b)
voidable
c)
void
d)
unilateral
8.
A contract that contains a promise by both parties is
a)
express
b)
implied
c)
bilateral
d)
unilateral
9.
If a valid offer is met with a valid acceptance, the result is
a)
misrepresentation
b)
genuine agreement
c)
legality
d)
capacity
10.
Any agreement enforceable at law is a(n)
a)
contract
b)
voided contract
c)
element
d)
invitation to negotiate
11.
People sometimes enter into ______________ contracts without exchanging a word.
a)
oral
b)
implied
c)
unenforceable
d)
unilateral
12.
Requesting a change in terms is the same as making a(n)
a)
implied
b)
bilateral contract
c)
unilateral contract
d)
counteroffer
13.
The offeree's refusal, or _______, of an offer ends that offer.
a)
acceptance
b)
rejection
c)
cancellation
d)
revocation
14.
A contract is ___________ if the court cannot uphold it because of some rule of law.
a)
voidable
b)
implied
c)
unenforceable
d)
valid
15.
A contract is __________ if it can be canceled by one of the parties.
a)
voidable
b)
misleading
c)
unenforceable
d)
valid
16.
A(n) _________ contract is stated in words and may be either oral or written.
a)
counteroffer
b)
implied
c)
seriously intended
d)
expressed
17.
An offer must be definite, communicated to the offeree, and ________
a)
seriously intended
b)
valid
c)
written
d)
oral
18.
To fully understand the nature of contracts we must understand the _______ that make up a contract.
a)
terms
b)
counteroffers
c)
validity
d)
elements
19.
A contract that comes about from the actions of the parties
a)
implied contract
b)
rejection
c)
expressed contract
d)
offer
20.
The legal ability to enter a contract.
a)
offer
b)
legality
c)
capacity
d)
consideration
21.
A refusal of an offer by the offeree that brings the offer to an end.
a)
revocation
b)
rejection
c)
genuine agreement
d)
voided
22.
Any agreement enforceable by law.
a)
contract
b)
genuine agreement
c)
serious
d)
capacity
23.
Acceptance that changes the terms of the original offer and terminates the offer.
a)
genuine agreement
b)
counteroffer
c)
legality
d)
offer
24.
Unqualified willingness to go along with an offer.
a)
acceptance
b)
expressed
c)
implied
d)
rejection
25.
Exchange of benefits and detriments by the parties to an agreement.
a)
Offer
b)
consideration
c)
Acceptance
d)
Legality
26.
Proposal by one party to another party to enter into a contract.
a)
acceptance
b)
consideration
c)
capacity
d)
offer
27.
The taking back of an offer by the offeror.
a)
revocation
b)
counteroffer
c)
offer
d)
offeree
28.
A contract stated in words; it may be oral or written.
a)
implied contract
b)
offer
c)
express contract
d)
acceptance
29.
To be effective, on offer must be communicated to the
a)
attorney
b)
offeree
c)
lender
d)
offeror
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