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WorksheetsContracts and Global Business
Total questions: 65
Worksheet time: 33mins
Fill in the blank: A contract is a legally binding agreement between ________ or more parties.
two
one
three
four
What is the key idea of a contract?
A) Contracts create rights and duties.
B) Contracts are only for businesses.
C) Contracts are always written documents.
D) Contracts are not legally binding.
Which of the following is an example of a contract?
Renting an apartment
Buying a car
Signing up for a cell phone plan
All of the above
Fill in the blank: The first element of a valid contract is ________.
Offer
Acceptance
Consideration
Signature
Fill in the blank: The second element of a valid contract is ________.
Acceptance
Consideration
Legality
Offer
Fill in the blank: The third element of a valid contract is ________.
Consideration
Intention
Performance
Offer
Fill in the blank: The fourth element of a valid contract is ________.
Capacity
Consideration
Offer
Legality
Fill in the blank: The fifth element of a valid contract is ________.
Legality
Consideration
Capacity
Offer
Fill in the blank: The sixth element of a valid contract is ________.
Genuine Consent
Legal Dispute
Financial Security
Public Notice
What is the definition of 'Offer'? Fill in the blank: An offer is a proposal by one party to another, showing ________ to enter an agreement.
willingness
hesitation
ignorance
reluctance
Which of the following is an example of an offer?
A store offers to sell a laptop for $500.
A person thinks about buying a car.
A company advertises a product.
A customer asks for a discount.
What is the definition of 'Acceptance' in contract law? Agreement by the other party to the ______ of the offer.
terms
duration
location
price
Which of the following is an example of 'Acceptance' in contract law?
You offer to sell your laptop for $500.
You agree to buy the laptop for $500.
You think about buying the laptop.
You refuse the offer.
What is the definition of 'Consideration' in contract law? Fill in the blank: Consideration is ________ exchanged between the parties.
something of value
a written promise
an oral agreement
a legal dispute
Which of the following is an example of consideration?
You pay $500, and the store gives you the laptop.
You look at a laptop in the store.
The store displays a laptop in the window.
You read about laptops online.
What is the definition of 'capacity' in contract law? Parties must have the legal ability to _________?
enter into a contract
sign a will
file a lawsuit
own property
Which of the following is an example of lacking capacity to enter into a contract?
A 30-year-old signing a loan agreement
A 16-year-old signing a loan agreement in most states
A business owner signing a contract
A lawyer signing a contract
Fill in the blank: The contract’s purpose must be _______.
legal
uncertain
impossible
ambiguous
Which of the following contracts is NOT enforceable?
A contract to sell a car
A contract to sell illegal drugs
A contract to rent an apartment
A contract to provide cleaning services
Fill in the blank: Genuine consent in a contract means that both parties must agree freely, without _______, duress, or misrepresentation.
fraud
negotiation
consideration
performance
If someone tricks you into buying a 'real diamond' that is actually fake, the contract may not be valid.
True
False
Fill in the blank: In the scenario, you get a summer job at an ________ shop.
ice cream
shoe
book
flower
What is the offer made by the shop in this real-world example?
The shop offers you $12/hour.
The shop offers you a free lunch.
The shop offers you a 10% discount on all items.
The shop offers you $20/hour.
Fill in the blank: Acceptance in this scenario means you agree to work ________.
weekends
remotely
overtime
holidays
What does 'consideration' mean in this real-world example?
Your work = their pay.
Your work = your promotion.
Your work = your vacation.
Your work = your grade.
Fill in the blank: Capacity means you are old enough to work ________.
legally
illegally
part-time
remotely
What does 'legality' refer to in this real-world example?
Selling ice cream is legal.
Selling ice cream is delicious.
Selling ice cream is expensive.
Selling ice cream is popular.
Fill in the blank: Consent means you freely agree to the ________.
job
punishment
mistake
accident
'Consideration' in a contract refers to:
something of value exchanged between parties
the legal capacity of parties to contract
the intention to create legal relations
the written form of the agreement
A contract to do something illegal can be enforced.
Yes, it can be enforced
No, it cannot be enforced
Only if both parties agree
Only if it is in writing
A 12-year-old cannot sign a lease because:
they are not legally old enough to enter into a contract.
they do not have a permanent address.
they do not have a job.
they are not allowed to live alone.
Fill in the blank: For a contract to be valid, it must have all ______ elements.
six
three
four
five
Which of the following best describes a contract?
Contracts are promises that the law will enforce.
Contracts are suggestions that people may follow.
Contracts are informal agreements with no legal standing.
Contracts are only verbal agreements.
Fill in the blank: Globalization is the __________ made among nations when economies freely move goods, labor, and money across borders.
connection
competition
division
restriction
Fill in the blank: Trade Policy is the body of laws related to the exchange of __________ and __________.
goods; services
money; stocks
land; labor
ideas; opinions
Currency is:
a system of money in general use in a particular country
a type of food
a form of transportation
a kind of weather
What is globalization? Fill in the blank: Globalization is the connection made among _______ when economies freely move goods, labor, and money across borders.
nations
continents
cities
families
Which of the following is NOT mentioned as something that moves freely in globalization?
A) Goods
B) Labor
C) Money
D) Technology
What are exports and imports? Fill in the blank: _______ and _______ refer to the buying and selling of goods and services between countries.
Exports, Imports
Producers, Consumers
Sellers, Buyers
Manufacturers, Retailers
What is absolute advantage? Fill in the blank: Absolute advantage means to produce a good more _______ and at lower _______.
efficiently, cost
slowly, price
expensively, time
inefficiently, effort
What is comparative advantage? Fill in the blank: Comparative advantage means a country specializes in _______ a product.
producing
importing
selling
consuming
What do measures of trade refer to? Fill in the blank: Measures of trade are how all countries measure and record the economic _______ that take place with all other trading countries.
exchanges
policies
boundaries
languages
Fill in the blank: ________ is the cost to convert one currency into another.
Foreign Exchange Rate
Interest Rate
Inflation Rate
Balance of Payments
Fill in the blank: ________ is the exchange rate of currency and is often considered to be an indicator of the economy’s health.
Currency Value
Interest Rate
Inflation Rate
Gross Domestic Product
According to the slide titled 'CURRENCY VALUE', the economy's health can be influenced by political stability or instability in the world. Fill in the blank: One factor that can influence the economy's health is ________ in the world.
political stability or instability
seasonal weather changes
technological gadgets
dietary preferences
According to the slide titled 'CURRENCY VALUE', the economy's health can be influenced by nations changing their ________.
laws
weather
holidays
sports teams
According to the slide titled 'CURRENCY VALUE', the economy's health can be influenced by nations in ________ with other nations.
dispute
agreement
trade
alliance
According to the slide titled 'CURRENCY VALUE', economic conditions, such as ________, can influence the economy's health.
interest rate
population size
climate change
internet speed
Fill in the blank: Trade Restrictions may be used to prevent ______ goods from entering the country.
hazardous
luxurious
imported
domestic
What is a Trade Agreement?
A document listing the conditions and terms for importing and exporting products between countries.
A restriction to prevent hazardous goods from entering the country.
A tax on imported goods.
A type of currency exchange.
Fill in the blank: Trade restrictions are used to prevent ______ goods from entering the country.
hazardous
luxurious
imported
expensive
Fill in the blank: Trade restrictions can be used to put pressure on ______ governments.
foreign
local
democratic
corporate
Fill in the blank: Trade Barrier – ______ the amount of imports.
limits
increases
ignores
multiplies
Fill in the blank: Embargo – ______ trade.
prohibits
encourages
facilitates
promotes
Fill in the blank: Trade sanctions – embargo on ______ goods.
certain
all
domestic
illegal
Fill in the blank: Tariff – government ______ on imported goods.
tax
subsidy
ban
loan
Fill in the blank: One of the pros of a tariff is that it ______ revenue for the government.
generates
reduces
eliminates
ignores
Fill in the blank: A tariff helps to protect ______ businesses.
domestic
international
private
foreign
Fill in the blank: One of the cons of a tariff is that it makes certain products more ______ for customers.
expensive
available
affordable
desirable
Which of the following is a pro of a tariff?
Makes products cheaper for customers
Generates revenue for the government
Reduces government income
Increases imports
What is the purpose of trade agreements?
To provide agreement for exporting and importing goods between countries
To create new countries
To stop trade between countries
To increase taxes
A trading bloc is a group of countries trading together as if they were a ________.
single country
single company
single continent
single currency
Which of the following is an example of a trading bloc?
United Nations
European Union (EU)
World Health Organization
NATO
The European Union (EU) is the largest trading sector in the world.
True
False
How many countries does the European Union (EU) consist of?
28
27
30
25
