Business Law 2.01

Front

John proposes to sell his car to Jan for $500. What element of a contract did John propose?

Back

Offer

Front

Betty lost her wallet at a school ballgame. She offers a reward of $25 to anyone who returns the wallet. What type of contract is this?

Back

Unilateral

Front

What term is used to identify the watch in this transaction for Jim?

Back

Benefit

Front

Jennifer asked Jason if he wanted to buy her car for $5,000. Who is Jennifer in this transaction?

Back

Offeror

Front

After being offered a new car at a discount, Lisa decided to turn down the offer. How was this contract terminated?

Back

Rejection

Front

If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into effect?

Back

When received

Front

A threat against a person’s business would violate which element? Options: Capacity, Consideration, Genuine agreement, Legality

Back

Genuine agreement

Front

Agreeing to give false testimony violates which element? (Options: Capacity, Consideration, Legality, Offer)

Back

Legality

Front

When Donnie, Matt, and Steve, all age 15, enter into a contract, what term describes this type of contract?

Back

Voidable

Front

John’s agreeing to Jason’s proposal to sell his car is which element of a contract?

Back

Acceptance