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WorksheetsCredit management legislation
Total questions: 12
Worksheet time: 6mins
Consideration need not to be adequate but must be:
money
sufficient
accepted
of equivalent value to goods
Advert on facebook: Car for sale for £2,000 is
an offer
an acceptance
an invitation to treat
an agreement
A void contract is a contract that:
Cannot be enforced by the law
Can be enforced by law
Can be nullified
is valid
Which of the following is not a remedy for breach of contract?
Damages
Specific performance
Action for the price
A fine
Jane shops at a supermarket. A contract is formed when:
Jane pays for her shopping
Jane puts her selection in the trolley
The checkout assistant takes Jane's goods
Jane picks up items from the shelves
Data Protection Act applies to:
All records held by the company
Only manual records
Only computer records
Only records of opinions
The Late Payment of Commercial Debts (Interest) Act allows:
Customers to charge interest on overdue amounts owing
Commercial banks to charge interest on loans
Suppliers to charge interest on overdue amounts owing
Suppliers to give discounts for early payments
A contract made by a company must be in writing
True
False
A peppercorn is sufficient to amount to good consideration
True
False
The three essential elements of a contract are:
Agreement, consideration and the intention to create legal relations
Acceptance, consideration and the intention to create legal relations
Legal agreement, consideration and acceptance
An example of a void contract is:
A contract to purchase a property when the buyer has no money
A contract involving an illegal act such as an agreement to defraud a bank
A contract to sell goods that are not available at the time of the offer
Which of the following constitutes a valid acceptance of an offer in contract?
‘I agree to buy this bike from you, but the tyres must be replaced first’
‘I agree to lease this property from you, subject to contract’
‘I agree to buy this computer from you and have ticked the box stating that I will abide by your terms and conditions’
