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WorksheetsValid contract & Offer
Total questions: 15
Worksheet time: 8mins
Which of the following is not a required element of a contract.
Mutual Assent
Offer and Acceptance
Consideration
Cash Value Exchange
Person's ability to satisfy the elements required for someone to enter binding contracts
Consideration
Mutual Assent
Capacity
Offer and Acceptance
A contract between two parties for illegal activities is not valid.
True
False
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.
After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?
Oral
Unenforceable
Valid
Written
Jim purchases a rare antique piece for $5,000. The contract was signed by both parties. in this scenario, who is Jim?
donee
donor
offeree
offeror
Jenn asked Lucas if he wanted to buy her car for $5,000. Who is Jenn is this transaction?
donee
donor
offeree
offeror
Lucas' agreeing to accept Jenn's proposal to sell her car is which element of a contract?
acceptance
consideration
rejection
revocation
What is an offer?
a proposal made by the offeree
a proposal accepted by the offeror
a proposal made by the offeror
a proposal accepted by the offeree
