A Short Business Law Test Quiz Part- III

8 Questions | By Jacksonmatthews | Updated: Mar 22, 2022 | Attempts: 152

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Questions and Answers

1.

If an offer is accepted, then the terms contained in the offer become part of the contract. In effect, the offer disappears into the contract.
- A.
  
  True
- B.
  
  False
2.

In business the consideration exchanged between the parties usually amounts to money on the one hand and goods or services on the other. Or there may be a barter arrangement where one type of goods or services are exchanged for another, but consideration is not limited to ______ exchanges.
- A.
  
  Tangible
- B.
  
  Promises
3.

Things which can go wrong during the formation of a contract:- (Select Three)
- A.
  
  Lack of certainty about what the parties' rights and obligations under the contract are.
- B.
  
  Either the common law or statute makes it illegal.
- C.
  
  Lack of some required formality.
- D.
  
  Lack of legal capacity to enter into a binding agreement.
4.

As a general rule there is no particular form which a contract must take in order to be valid, however there a few types of contracts which will not be enforceable unless they meet certain formality requirements. Among them are:- (Select Five)
- A.
  
  Hire purchase agreements.
- B.
  
  Contracts for the transfer of shares in registered companies.
- C.
  
  Contracts for the sale of land.
- D.
  
  Conveyances of land
- E.
  
  Marriage contract
- F.
  
  Leases of land for a period of more than three years.
5.

The majority of contracts come to an end because both parties perform all their ________ under the contract to each other's satisfaction. Both parties receive whatever benefits each was due to obtain through the contract. When this occurs, a contract is said to be discharged by performance.
- A.
  
  Obligations
- B.
  
  Commitment
6.

The purpose of the criminal law is to punish wrongdoers. The focus of the civil law is on the victim, and its aim is to secure compensation for wrongs that have been inflicted on innocent parties.
- A.
  
  True
- B.
  
  False