LEB Test (11-21-2024)

Flashcard
•
Business
•
10th - 12th Grade
•
Hard
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33 questions
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1.
FLASHCARD QUESTION
Front
The requirement of a legally enforceable contract that states "to have a completely enforceable agreement, the parties must have the legal ability to contract for themselves." is
Back
capacity
2.
FLASHCARD QUESTION
Front
In the scenario where Jim purchases a rare antique piece for $5,000 and the contract was signed by both parties, who is Jim?
Back
offeree
3.
FLASHCARD QUESTION
Front
Robert offered a reward for anyone who returns his lost wallet. What type of contract is this?
Back
unilateral
4.
FLASHCARD QUESTION
Front
Jenn asked Lucas if he wanted to buy her car for $5,000. Who is Jenn in this transaction?
Back
offeror
5.
FLASHCARD QUESTION
Front
What is the first element of a contract?
Back
Offer
6.
FLASHCARD QUESTION
Front
Which of the following is NOT an element of a contract? Company Logo, Legal Purpose, Offer, Consideration
Back
Company Logo
7.
FLASHCARD QUESTION
Front
A written contract in which the subject is clearly stated and all details are included. Most enforceable type of contract by law.
Back
Express
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