Contract Law Quiz

What are the elements of a contract?

• Agreement, Consideration, Capacity, Object

• Legal, Binding, Written, Verbal

• Offer, Acceptance, Intention, Certainty

• Offer, Acceptance, Meeting of the minds, Performance

How is a contract defined?

• A written agreement between parties

• An agreement between two or more parties that is enforceable by a court of law

• A mutual understanding between parties

• A verbal promise between parties

What is the reasonable person standard in contract law?

• The standard of behavior expected from an average person

• The standard of behavior expected from a legal expert

• The standard of behavior expected from a business owner

• The standard of behavior expected from a minor

What is a bilateral contract?

• A contract that is a promise for a service

• A contract that is a promise for a payment

• A contract that is a promise for a promise

• A contract that is a promise for an act

What is a unilateral contract?

• A contract that is a promise for a promise

• A contract that is a promise for a service

• A contract that is a promise for an act

• A contract that is a promise for a payment

Which of the following is not an element of a contract?

• Meeting of the minds

• Consideration

• Legal capacity

• Performance

What is the purpose of contractual capacity in a contract?

• To ensure that the contract is in writing

• To ensure that the parties are legally capable of entering into a contract

• To ensure that the contract is fair

• To ensure that the contract is performed on time

What is the lawful object in a contract?

• The subject matter of the contract must be ethical

• The subject matter of the contract must be legal

• The subject matter of the contract must be illegal

• The subject matter of the contract must be moral

What is the consideration in a contract?

• The subject matter of the contract

• The legality of the contract

• Something of value exchanged between the parties

• The capacity of the parties to enter into a contract

What is the meeting of the minds in a contract?

• The emotional understanding between the parties

• The mutual agreement between the parties on the terms of the contract

• The physical meeting between the parties to sign the contract

• The mental capacity of the parties to understand the contract