Commerce- Business law

A contract in which all parties to the contract have carried out their obligation is said to be terminated by

• breach of contract

• frustration

• operation of the law

• voluntary agreement

• performance

A contract which is devoid of legal effect is

• void contract

• unenforceable contract

• voidable contract

• valid contract

.

What is a contract?

• an agreement between two or more people which has a legal backing

• an agreement between two or more people

• an agreement between two or more people which does not have a legal backing

• a disagreement between two or more people which has a legal backing

SELECT the essential elements of a valid contract.(Choose all that applies)

• voidable contract

• intention to create legal relations

• possibility of performance

• certainty of term

• dissolution of contract

In a law of contract, a counter offer operate as

• an acceptance

• a consensus

• a rejection

• a contract

Business law include which type of laws. (Select ALL that applies)

• administrative regulations

• federal

• state

• local

......... is a promise written on a paper that is signed, sealed and delivered.

• formal contract

• informal contract

• law contract

• court contract

What kind of contract may be difficult to execute because of its flexibility?

• formal

• informal

• regular

• irregular

An offer can be terminated in the following way. (Select all that applies)

• When the offeree notifies the offeror that he does not wish to accept the offer.

• Lapse of offer.

• Withdrawal of the offer(revocation)

• A refusal of counter offer.

• When the offeree and offeror are unhappy

A contract can be a .......... or .............. agreement.