WorksheetsReview Key Concepts: Chapter 7 Legal Terms-Contract Law
Total questions: 28
Worksheet time: 56mins
A contract between two parties for illegal activities is not valid.
True
False
A minor has the capacity to contract when...
Always
Only valid on contracts valuing over $1 Million
For necessities like food, clothing, and lodging
It depends on the state you live in
Which of the following is a contract?
Betty offers to give a book to Lou. Lou accepts.
Betty offers Lou the book in exchange for Lou’s promise to pay twenty-five dollars. Lou accepts.
Betty offers to give Lou the book if Lou promises to pick it up at Betty’s house. Lou agrees.
None of the above
Consideration is...
a set of mutual promises in which each party agrees to give up something to the benefit of the other.
The amount of time one has to accept an offer.
The 5 minutes following an offer that must elapse before an acceptance can take place.
The element of a contract that says the value of what each party is giving up must be equal.
_________________ is the legal ability to enter into a contract, so minors and those with mental impairments lack it.
Executory
Consent
Acceptance
Capacity
The purpose of contract needs to be for a lawful purpose.
TRUE
FALSE
In an express contract, the two parties state all the important terms of their agreement.
TRUE
FALSE
In order for _______________ to be present in a contract, the offeree must say or do something to accept.
Void
Bilateral
Acceptance
Writing
“I'll pay you $2 million to star in my new romantic comedy, which we are shooting three months from now in Santa Fe.” Gloria says, “It’s a deal.” This is an example of _____________ contract.
Acceptance
Void
Writing
Bilateral
Fraud, Mistake and Duress are three claims that can be used to void contracts based on the lack of valid _______________.
Implied
Unilateral
Consent
Consideration
In an implied contract, the words and conduct of the parties indicate that they intended an agreement.
TRUE
FALSE
Some types contracts cannot be enforced if they are not in ___________.
Bilateral
Writing
Acceptance
Void
A ____________ contract occurs when one of the parties commits fraud, or when an agreement has been signed under duress.
Valid
Voidable
Implied
Express
_____________________ is the central idea that both parties in a contract need to benefit from it.
Consent
Implied
Unilateral
Consideration
What is the definition of an offer?
An expression of willingness to negotiate.
A declaration that one party will contract with another.
Expression of willingness to contract with the party to whom it is addressed, as soon as the latter accepts its terms.
An invitation for other parties to consider whether they are able to purchase the goods/services.
What is required to form a legally binding contract?
Offer, Acceptance, Consideration, Intention, Certainty.
Duty, Breach, Causation, Damages
Offer, Acceptance, Collateral, Sufficiency.
Invitation to treat, Offer, Counter Offer, Acceptance.
What is a union?
Federal agency overseeing most employment discrimination law
Federal agency regulating and investigating workplace incidents
A group formed by employees to negotiate with the employer
A group formed by employers to negotiate with employees
If you wait too long to bring a lawsuit, the court may not uphold it because it could be
unenforceable
limited
voidable
fraudulent
A contract that comes about from the action of the parties.
express contract
implied contract
unilateral contract
bilateral contract
A contract that amounts to nothing and has no legal effect is
unenforceable
voidable
void
unilateral
