IHLS Chapter 5 Contract

Which of the following is NOT an element required to form a legally binding contract?

• acceptance

• offer

• consideration

• invite to treat

A contract must be in written form.

• True

• False

From the English common law, the widely recognized age to have full legal capacity to enter a contract is

• 15

• 16

• 18

• 21

The contract is valid until it is rescinded by the mistaken party. Another meaning of rescinded is :

• regulated

• set aside

• held liable

• forgotten

Mutual mistake occurs when parties ____________ each other.

• misunderstand

• cheat

• lie to

• owe a duty of care to

Which of the following is the most ideal way for a contract to be discharged with no complications?

• breach

• performance

• agreement

• frustration

There is no cooling off period if you opt to book a hotel room on advanced purchase rate which requires full non-refundable payment at point of booking.

• True

• False

An offer can be terminated prior to it being accepted, when the offeree makes a counter offer.

• True

• False

Duress leads to a contract to be invalid and unenforcement due to the element of

• stress

• dependency

• threat

• misplaced trust

In order to be enforceable, a contract must:

• Contain an exchange of valuable benefits by the parties

• Be between persons who are legally competent

• Be entered into voluntarily

• Be for a legal purpose