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Elements of a Contract Review

Total questions: 15

Worksheet time: 9mins

Name
Class
Date
1.

Michelle makes the following statement to Chloe, "I will sell you my Iphone for $50". This is an example of a(n)

a)

acceptance

b)

genuine agreement

c)

offer

d)

unilateral contract

2.

Which element of a contract is defined as the legal ability to enter a contract and be held to that contract?

a)

legality

b)

consideration

c)

genuine agreement

d)

capacity

3.

A second parties unqualified willingness to go along with the first parties proposal.

a)

genuine agreement

b)

acceptance

c)

consideration

d)

implied contract

4.

Colby purchased a large iced coffee for $10 from Starbucks. The iced coffee and the $10 exchanged is defined as __ when it comes to contracts.

a)

consideration

b)

capacity

c)

acceptance

d)

legality

5.

To be legally enforceable, a contract is required to be in writing.

a)

false

b)

true

6.

When a valid offer is met with a valid acceptance under the free will of the parties involved a ____ has taken place.

a)

voidable contract

b)

illegal agreement

c)

genuine agreement

d)

voidable contract

7.

Under contract law, all actions contained in the contract must be legal to be enforceable.

a)

true

b)

false

8.

Brayden pulls up to the gas pump, inserts his debit card (it's appoved) and proceeds to fill his tank with $25 worth of gas. This is an example of

a)

an unenforceable contract

b)

an express contract

c)

an implied contract

d)

an oral contract

9.

Brett performed a job for his neighbor with the agreement his neighbor would pay him $200 for the services performed. Six years later Brett has still not received payment, this is now a(n)

a)

valid contract

b)

void contract

c)

voidable contract

d)

uneforceable

10.

Select all that apply to this example. Kaitlyn and Alyssa write up an agreement that Kaitlyn will buy 25 ice cream cones from Alyssa for $37.50. (Assume they are both 18 years old.)

a)

It is a valid contract.

b)

It is a written contract.

c)

It is an unilateral contract.

d)

It is a void contract.

e)

It is an express contract.

11.

Michelle cat has been missing for days, she post signs around her neighborhood stating she will pay a $50 reward for the return of her cat. This creates a(n)

a)

unenforceable contract.

b)

unilateral contract

c)

oral contract

d)

bilateral contract

12.

Colby promises to give Alyssa a ride home on Tuesday, this is an example of a

a)

void contract

b)

valid contract

c)

written contract

d)

voidable contract

13.

An express contract can be either an oral or a written contract.

a)

false

b)

true

14.

Any agreement enforceable by law is classified as a contract.

a)

true

b)

false

15.

If one party or both parties is able to legally get out of a contract it is deemed a ___ contract.

a)

implied

b)

oral

c)

valid

d)

voidable