Elements of a Contract -Business Law

A proposal by one party to another intended to create a legally binding agreement is a(n)

• acceptance

• genuine agreement

• contract

• offer

You shouldn't enter into a contract without understanding the legal responsibilities.

• True

• False

Any agreement enforceable by law is a(n)

• acceptance

• contract

• legality

• offer

When an agreement is true and genuine and a valid offer is met by a valid acceptance, it called a(n)

• offer

• consideration

• genuine agreement

• express contract

The second party's unqualified willingness to go along with the first party's proposal is a(n)

• acceptance

• offer

• express contract

• contract

Anyone entering a contract has the legal capacity to do so

• True

• False

The law allows parties to enforce contracts that involve illegal acts to commit a crime or tort

• True

• False

Consideration is the thing of value promised to one party in a contract in exchange for something else of value promised by the other party

• True

• False

Does a contract have to be in writing to be valid?

• Yes

• No

Which of these is not apart of the six elements of a contract?

• legality

• genuine agreement

• will theory

• capacity