Elements of a Contract Review

Elements of a Contract Review

11th - 12th Grade

15 Qs

quiz-placeholder

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Elements of a Contract Review

Elements of a Contract Review

Assessment

Quiz

Business

11th - 12th Grade

Practice Problem

Medium

Created by

Barry Spohn

Used 76+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Michelle makes the following statement to Chloe, "I will sell you my Iphone for $50". This is an example of a(n)

acceptance

genuine agreement

offer

unilateral contract

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which element of a contract is defined as the legal ability to enter a contract and be held to that contract?

legality

consideration

genuine agreement

capacity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A second parties unqualified willingness to go along with the first parties proposal.

genuine agreement

acceptance

consideration

implied contract

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Colby purchased a large iced coffee for $10 from Starbucks. The iced coffee and the $10 exchanged is defined as __ when it comes to contracts.

consideration

capacity

acceptance

legality

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To be legally enforceable, a contract is required to be in writing.

false

true

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a valid offer is met with a valid acceptance under the free will of the parties involved a ____ has taken place.

voidable contract

illegal agreement

genuine agreement

voidable contract

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under contract law, all actions contained in the contract must be legal to be enforceable.

true

false

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