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WorksheetsCommerce- Business law
Total questions: 10
Worksheet time: 6mins
A contract in which all parties to the contract have carried out their obligation is said to be terminated by
breach of contract
frustration
operation of the law
voluntary agreement
performance
A contract which is devoid of legal effect is
void contract
unenforceable contract
voidable contract
valid contract
.
What is a contract?
an agreement between two or more people which has a legal backing
an agreement between two or more people
an agreement between two or more people which does not have a legal backing
a disagreement between two or more people which has a legal backing
SELECT the essential elements of a valid contract.(Choose all that applies)
voidable contract
intention to create legal relations
possibility of performance
certainty of term
dissolution of contract
In a law of contract, a counter offer operate as
an acceptance
a consensus
a rejection
a contract
Business law include which type of laws. (Select ALL that applies)
administrative regulations
federal
state
local
......... is a promise written on a paper that is signed, sealed and delivered.
formal contract
informal contract
law contract
court contract
What kind of contract may be difficult to execute because of its flexibility?
formal
informal
regular
irregular
An offer can be terminated in the following way. (Select all that applies)
When the offeree notifies the offeror that he does not wish to accept the offer.
Lapse of offer.
Withdrawal of the offer(revocation)
A refusal of counter offer.
When the offeree and offeror are unhappy
A contract can be a .......... or .............. agreement.
(a)
