Contracts and Financial Literacy Quiz

Which of the following is a written or spoken agreement that is intended to be enforceable by law?

• Contract

• Warranty

• Budget

• Offer

What type of contract is specifically stated in words, either orally or in writing?

• Express contract

• Implied contract

• Notarized contract

• Warranty

Which type of contract is formed by the actions or conduct of the parties involved?

• Implied contract

• Express contract

• Notarized contract

• Warranty

Which of the following is NOT an element of a legally binding contract?

• Warranty

• Agreement

• Consideration

• Capacity

Which element of a legally binding contract refers to the mutual understanding between parties?

• Agreement

• Legality

• Budget

• Notarized

What does the legality element of a contract refer to?

• The contract must be for a lawful purpose

• The contract must be notarized

• The contract must be written

• The contract must be implied

What is a counteroffer?

• A response to an offer with different terms

• A legally binding contract

• A type of warranty

• A financial plan

What is a genuine agreement in contract law?

• A true and mutual understanding between parties

• A notarized document

• A type of warranty

• A budget plan

What is the term for the legal ability to enter into a contract?

• Contractual capacity

• Warranty

• Notarized

• Budget

Which of the following ensures that a contract is for a legal purpose?

• Legality

• Offer

• Warranty

• Budget