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WorksheetsLEB - Chapter 4 - Contracts
Total questions: 30
Worksheet time: 15mins
An oral contract is not enforceable by law.
True
False
A valid contract must contain at least four to six elements
True
False
Consideration is the legal ability to enter a contract
True
False
When a bilateral contract is made, one person makes a promise to do something if an when another person does something.
True
False
Contracts for clothing and motor vehicles are examples of exceptions to the mirror image rule.
True
False
According to common law, when you send an acceptance over long distances, it is effective three days after it is sent.
True
False
A contract that is void has no legal effect.
True
False
The Statue of Frauds requires that both parties involved in the contract be honest with each other.
True
False
Advertisements in newspapers, price tags, and signs in store windows are treated by the law as invitations to negotiate.
True
False
An offer must always be made seriously for it to be legal.
True
False
The taking back of an offer by the offeror is ____________.
revocation
rejection
cancellation
consideration
A contract that amounts to nothing and has no legal effect is __________.
unenforceable
voidable
void
unilateral
A contract that contains a promise by both parties __________.
express
implied
bilateral
unilateral
To be effective, an offer must be communicated to the ___________.
attorney
offeree
lender
offeror
In order for the acceptance to be legally binding, it must be ______________.
made in person and din writing by the offeree
unconditional and in writing by the offeror and offeree
made in person and follow the rules regarding he method of acceptance
unconditional and follow the rules regarding the method of acceptance
If you wait too long to bring a lawsuit, the court may not uphold it because it could be _________.
unenforceable
limited
voidable
fraudulent
Your friend has lost her bracelet and offers you a reward of $50 if you find it. this is an example of a (n) ______________.
bilateral contract
unilateral contract
acceptance contract
revocation of a contract
In China, when people sign a contract, it means ___________.
all parties know what to do and by when
they are ready to fulfill the contract
that everyone will complete the requirements of the contract
they simply want to do business with each other
In contract law, consideration can be defined as __________.
the thing of value promised in exchange for something else of value
anyone who enters into a legal contract has the ability to do so
contracts that involve illegal acts are not allowed
both parties communicating clearly when entering into a contract
Invitations to deal, trade, or make an offer by the seller are considered invitations ____________.
of legality
to negotiate
to make a counteroffer
for consideration
Any agreement enforceable by law is a _________.
contract
element
genuine agreement
intention
People sometimes enter into __________ contracts without exchanging a word.
projectable
avoidable
implied
serious
Requesting a change in terms is the same as making a(n) __________.
contract
rejection
express
counteroffer
A valid offer plus a valid acceptance equals a genuine agreement
True
False
A contract is ________ if it can be cancelled by one of the parties.
rejected
expressed
voidable
agreed
To fully understand the nature of contracts, we must understand the elements that make up a contract.
True
False
An offer must be definite, communicated to the offeree, and _________.
expressed
seriously intended
genuine
implied
An express contract is not stated in words and has to be in writing.
True
False
The __________ states the acceptance must match the terms of the offer.
implied contract
revocation
unilateral contract
mirror image rule
The six elements of a valid contract are offer, acceptance, genuine agreement, capacity, consideration, and legal notice.
True
False
