An oral contract is not enforceable by law.

5.1 BLAW- Contracts

Flashcard
•
Business
•
10th - 12th Grade
•
Hard
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13 questions
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1.
FLASHCARD QUESTION
Front
Back
False
2.
FLASHCARD QUESTION
Front
A valid contract must contain at least four of the six elements of a contract.
Back
False
Answer explanation
It must contain all 6 elements.
3.
FLASHCARD QUESTION
Front
Consideration is the legal ability to enter a contract.
Back
False
Answer explanation
Capacity is the legal ability to enter a contract.
4.
FLASHCARD QUESTION
Front
A contract that amounts to nothing and has no legal effect is
Back
void
5.
FLASHCARD QUESTION
Front
A contract that contains a promise by both parties is
Back
bilateral
6.
FLASHCARD QUESTION
Front
If a valid offer is met with a valid acceptance, the result is
Back
genuine agreement
7.
FLASHCARD QUESTION
Front
Any agreement enforceable at law is a(n) ____________________.
Back
contract
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