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Worksheetscontract law 3-elements
Total questions: 20
Worksheet time: 11mins
Which of the following is not a required element of a contract.
Mutual Assent
Offer and Acceptance
Consideration
Cash Value Exchange
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.
Offering a reward to anyone who can return your lost pet is an example of a...
Bilateral contract
Unilateral Contract
In an auction session, when does the acceptance takes place?
When bidders make bids
When the auctioneer knocks his hammer confirming the highest bid
when the bidder wins the bid
When full payment of the item is payed
Goods displayed on shelves of a shop are considered as...
An offer
An acceptance
An invitation to treat
A consideration
When can an offer be revoked by the offeror?
After an acceptance is made
Before an acceptance is made
After consideration moves between the parties
Before consideration moves between the parties
True or false:
The postal rule applies to modern, instantaneous forms of communication.
True
False
A general offer open for world at large can be accepted
by sending a communication of acceptance
by complying with the conditions of offer
by tendering himself to the comply the conditions of offer
none of these
Goods displayed in a shop with a price tag is an ______
Offer
Invitation to an offer
counter offer
none of these
