CONTRACT LAW

To be considered legally sufficient, consideration must be something of value in the eyes of the law.

• TRUE

• FALSE

A contract is an agreement that can be enforced in court.

• TRUE

• FALSE

A contract is valid only if both of the parties entering it have the legal capacity to do so.

• TRUE

• FALSE

One of the requirements of a valid contract is an adequate consideration.

• TRUE

• FALSE

A void contract is one that cannot be legally enforced because of certain legal defenses against it.

• TRUE

• FALSE

A contract entered into by a mentally incompetent person can be valid if the person had capacity at the time the contract was formed.

• TRUE

• FALSE

Contracts for sales can be oral or written, express or implied.

• TRUE

• FALSE

When you signed the contract, an enforceable contract is created.

• TRUE

• FALSE

An agreement includes an offer and an acceptance.

• TRUE

• FALSE

Consideration, in contract terms, refers to a party's competency to enter into a contract.

• TRUE

• FALSE