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PROCEDURE OF CONTRACT : QUIZ PART 1

Total questions: 10

Worksheet time: 7mins

Name
Class
Date
1.
What is a contract?
a)
A document signed and returned by the policyholder when they purchase a policy from us.
b)
A written agreement between two parties (the insurer and the insured).
c)
A legal document only available to policy holders with a renters policy.
d)
A document stating that we will cover any loss no matter what the circumstance.
2.

A simple contract can be

a)

It must be in writing

b)

It must not be in writing

c)

It can be verbal, or written or implied

d)

It must be implied only

3.

Which are parties to a contract

a)

Offer, acceptor and offeror

b)

Offeror, offeree, and acceptor

c)

Offeree, acceptor, and witness

d)

offeror, offeree and witness

4.

Agreements that are legally binding are called?

a)

policies

b)

transaction

c)

contracts

d)

domestic arrangement

5.

All of the following are features/elements of a simple contract except?

a)

offer

b)

invitation to treat

c)

consideration

d)

acceptance

6.
This element refers to someones mental ability to enter into an contract.
a)
consideration
b)
legality
c)
capacity
d)
genuine agreement
7.

What is the first element of a contract?

a)

Consideration

b)

Acceptance

c)

Capacity

d)

Offer

8.

Which of the following is NOT an element of a contract?

a)

Company Logo

b)

Intention

c)

Offer

d)

Consideration

9.

When one or both parties fail to perform their duties in the contract.

a)

Implied

b)

Breach

c)

enforceable

d)

Requisition

10.

Which of the following neither makes nor accepts any offer?

a)

Stranger

b)

Promisor

c)

Offerer

d)

Proposer