Contract Law
10 Questions
| Attempts: 7505
Assess the elements required for a valid contract
Questions and Answers
- 1.The promises exchanged by parties to a contract
- A.
Consideration
- B.
Agreement
- 2.A contract that allows one of the party( suffered party) to withdraw from the contract.
- A.
Void contract
- B.
Voidable contract
- 3.All agreements between two competent parties are contracts.
- A.
True
- B.
False
- 4.A written contract that has legal documentation and the seal( stamp) of the company.
- A.
Formal contract
- B.
In formal contract
- 5.Implied contracts are neither written nor oral contracts.
- A.
True
- B.
False
- 6.To be legally enforceable, contracts must be in writing.
- A.
True
- B.
False
- 7.Ntract that has not yet been completed by both parties.
- A.
Executed contracts
- B.
Executory contracts
- 8.Social or domestic agreements usually do not have legal binding.
- A.
True
- B.
False
- 9.A contract that is understood from the act or the conduct of the parties.
- A.
Implied contracts
- B.
Express contracts
- 10.Acceptance should be properly communicated before offer finish.
- A.
True
- B.
False
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