Contract Law

10 Questions | Total Attempts: 4992
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Assess the elements required for a valid contract

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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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