5.1 BLAW- Contracts

5.1 BLAW- Contracts

Assessment

Flashcard

Business

10th - 12th Grade

Hard

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13 questions

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1.

FLASHCARD QUESTION

Front

An oral contract is not enforceable by law.

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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