Contract Law Quiz

Which of the following is NOT one of the six elements required for a contract?

• Offer

• Acceptance

• Consideration

• Revocation

What is a contract called when it is legally good?

• Void

• Voidable

• Valid

• Unenforceable

In a bilateral contract, what do both parties promise to do?

• Nothing

• One party promises to act

• Both parties promise to do something

• Only one party promises to pay

What must an offer have to be considered valid?

• Serious intent

• Joking intent

• Unconditional acceptance

• Counteroffer

What is required for an acceptance to be unconditional?

• It must be communicated to the offeror

• It must be a counteroffer

• It must be voidable

• It must be implied

Which of the following is NOT a way an offer can be terminated?

• Revocation

• Rejection

• Acceptance

• Expiration of time

What happens when an offeree changes the terms of the offer?

• Revocation

• Rejection

• Counteroffer

• Expiration

What is the result when either party dies or is declared unfit?

• Revocation

• Rejection

• Termination

• Expiration of time

What is the term for a contract that cannot be enforced by law?

• Valid

• Void

• Voidable

• Unenforceable

Which type of contract is stated in words and may be written or stated?

• Implied contract

• Express contract

• Bilateral contract

• Unilateral contract