Legal Aspect Of Business Contracts

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PRINCIPLES OF BUSINESSEnd of chapter quiz on legal aspect of business contracts.

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  • 1. 
    A contract may be defined as:
    • A. 

      Agreement between two persons who are not minors

    • B. 

      Offer by one party and a counter-offer by the other party

    • C. 

      Agreement made with intention to create legal relations

    • D. 

      Offer made in writing to the offeree

  • 2. 
    What will be the legal consequences of an infant fraudulently obtaining money from a firm which he does not repay?
    • A. 

      The courts will insist that the infant repay at least half the sum of money.

    • B. 

      It becomes the responsibility of his parents to repay the debt.

    • C. 

      The plaintiffs cannot recover the money since a void contract exists.

    • D. 

      The matter can be settled quietly in a lawyer's office.

  • 3. 
    David bought a plot of land from Tom for $20,000.  Tom had threatened to expose a past misdeed ofDavid's if he did not purchase the land.  The contract is void because:
    • A. 

      There was no agreement

    • B. 

      There was no good faith

    • C. 

      There was no consideration

    • D. 

      There was no acceptance

  • 4. 
    John offers to sell Henry a plot of land for $50,000.  Henry writes to John saying he is willing to purchase the land for $40,000.  Henry's offer is:
    • A. 

      A simple contract

    • B. 


    • C. 

      A specialty contract

    • D. 

      A counter offer

  • 5. 
    A supermarket advertises goods for sale, this is:
    • A. 

      An invitation to treat

    • B. 

      An offer

    • C. 

      Communication of offer

    • D. 

      A consideration

  • 6. 
    A specialty contract must be signed, delivered and ------------------

  • 7. 
    An simple contract can be oral, written or  ----------------------

  • 8. 
    This term refers to termination of contract where a reasonable period of time has passed:

  • 9. 
    The replacement of one contract for another is referred to as:

  • 10. 
    A hire purchase is a -----------------------  contract.

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