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Elements of a Contract -Business Law

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

A proposal by one party to another intended to create a legally binding agreement is a(n)

a)

acceptance

b)

genuine agreement

c)

contract

d)

offer

2.

You shouldn't enter into a contract without understanding the legal responsibilities.

a)

True

b)

False

3.

Any agreement enforceable by law is a(n)

a)

acceptance

b)

contract

c)

legality

d)

offer

4.

When an agreement is true and genuine and a valid offer is met by a valid acceptance, it called a(n)

a)

offer

b)

consideration

c)

genuine agreement

d)

express contract

5.

The second party's unqualified willingness to go along with the first party's proposal is a(n)

a)

acceptance

b)

offer

c)

express contract

d)

contract

6.

Anyone entering a contract has the legal capacity to do so

a)

True

b)

False

7.

The law allows parties to enforce contracts that involve illegal acts to commit a crime or tort

a)

True

b)

False

8.

Consideration is the thing of value promised to one party in a contract in exchange for something else of value promised by the other party

a)

True

b)

False

9.

Does a contract have to be in writing to be valid?

a)

Yes

b)

No

10.

Which of these is not apart of the six elements of a contract?

a)

legality

b)

genuine agreement

c)

will theory

d)

capacity