Contract Law

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Contract Law - Quiz


Assess the elements required for a valid contract


Questions and Answers
  • 1. 

    The promises exchanged by parties to a contract

    • A.

      Consideration

    • B.

      Agreement

    Correct Answer
    A. Consideration
    Explanation
    Consideration is the correct answer because it refers to the value or benefit that each party in a contract gives or promises to give to the other. It is an essential element of a valid contract, as it signifies that each party is receiving something of value in exchange for their promises. Without consideration, a contract may be deemed unenforceable. Therefore, consideration plays a crucial role in ensuring the fairness and enforceability of contractual agreements.

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  • 2. 

    A contract that allows one of the party( suffered party) to withdraw from the contract.

    • A.

      Void contract

    • B.

      Voidable contract

    Correct Answer
    B. Voidable contract
    Explanation
    A voidable contract is a type of contract that allows one of the parties, known as the suffered party, to withdraw from the contract. This means that the suffered party has the option to either enforce the contract or void it, depending on their own discretion. Unlike a void contract, which is considered legally invalid from the beginning, a voidable contract is initially valid but can be made void by the suffered party if certain conditions are met.

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  • 3. 

    All agreements between two competent parties are contracts.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    all contracts are agreement but all agreements are not contract.

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  • 4. 

    A written contract that has legal documentation and the seal( stamp) of the company.

    • A.

      Formal contract

    • B.

      In formal contract

    Correct Answer
    A. Formal contract
    Explanation
    The given answer, "formal contract," is the correct answer because it accurately describes a written contract that has legal documentation and the seal (stamp) of the company. A formal contract is a legally binding agreement that is typically written and signed by all parties involved. The inclusion of legal documentation and the company seal adds an extra level of formality and authenticity to the contract.

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  • 5. 

    Implied contracts are neither written nor oral contracts.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Implied contracts are agreements that are not explicitly stated in writing or verbally expressed. Instead, they are inferred from the actions, conduct, or circumstances of the parties involved. These contracts are legally binding, even though they may not be formally documented or discussed. Therefore, it is correct to say that implied contracts are neither written nor oral contracts, making the answer "True."

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  • 6. 

    To be legally enforceable, contracts must be in writing.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Contracts do not necessarily have to be in writing to be legally enforceable. While written contracts are generally preferred as they provide clear evidence of the agreement, oral contracts can also be legally enforceable in certain situations. However, it is important to note that some contracts, such as those involving the sale of real estate or contracts that cannot be performed within a year, must be in writing to be enforceable under the Statute of Frauds.

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  • 7. 

    Ntract that has not yet been completed by both parties.

    • A.

      Executed contracts

    • B.

      Executory contracts

    Correct Answer
    B. Executory contracts
    Explanation
    An executory contract refers to a legal agreement that is still in progress and has not been fully performed by both parties involved. This means that some obligations or actions outlined in the contract are yet to be completed. In contrast, executed contracts are those that have been fully performed and all parties have fulfilled their obligations. Therefore, the correct answer is executory contracts.

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  • 8. 

    Social or domestic agreements usually do not have legal binding.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Social or domestic agreements usually do not have legal binding because they are typically informal agreements made between friends, family members, or acquaintances. These agreements are based on trust and personal relationships rather than legal obligations. Unlike formal contracts, social or domestic agreements are not typically enforceable in a court of law. Therefore, it is true that these types of agreements usually do not have legal binding.

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  • 9. 

    A contract that is understood from the act or the conduct of the parties.

    • A.

      Implied contracts

    • B.

      Express contracts

    Correct Answer
    A. Implied contracts
    Explanation
    An implied contract is a type of contract that is not explicitly stated in writing or orally, but rather inferred from the actions and behavior of the parties involved. In other words, it is a contract that is understood and agreed upon through the conduct of the parties, rather than being explicitly expressed in words. This can be seen in situations where both parties act in a way that indicates they have mutually agreed to certain terms and conditions, even though they have not formally discussed or written them down.

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  • 10. 

    Acceptance should be properly communicated before offer finish.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Acceptance should be properly communicated before the offer finishes. This means that if someone wants to accept an offer, they need to communicate their acceptance before the offer expires or ends. If the acceptance is not properly communicated within the specified timeframe, the offer may no longer be valid. Therefore, it is important to ensure that acceptance is communicated in a timely manner to secure the offer.

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  • Current Version
  • Apr 07, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 31, 2010
    Quiz Created by
    Nidhi_kic
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