A business promises to donate money to a charity

Enforceable contract even without consideration

2 or more parties, mutual obligation, enforceable by law

Things each party promises to do for consideration

A reply to change a proposed agreement

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BUSINESS LAW - Contract, Offer & Acceptance

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Contract

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Questions 16

Answers

1
Executed contract
Nothing remains to be done
Agreed terms in writing
Signed by one party
Contract needs future action
2
What two parties give and get as consideration must be of equal economic value
True
False
3
A business promises to donate money to a charity
Enforceable contract even without consideration
Not an enforceable cntract
Not a contract
Breach of contract
4
Which of these does NOT terminate an offer?
Counter offer
Definiteness
Revocation
Death/insanity
5
Executory contract
Nothing remains to be done
Signed by one party
Contract needs future action
Agreed terms in writing
6
What is a contract?
How torts are defined
The document that determines liability
Guide for behavior and imposed duties
2 or more parties, mutual obligation, enforceable by law
7
Indian contract act
1862
1882
1892
1872
8
A customer hands Rs 100 to a gas station clerk, then pumps gas. No words are spoken
Not a contract
Written contract
Express contract
Implied contract
9
Implied contract
Not verbally expressed
A change to an contract
Expressed in writing
Explained & defined in detail
10
Obligation is
Things each party promises to do for consideration
A change to an offer
Final agreement
A reply to a proposed agreement for change
11
What each party exchange must have
Measurable
Legal value
No value is required
Economic value
12
Counter offer
A reply to change a proposed agreement
Things each side promises to do for consideration
The beginning of a contract
Final agreement that negotiations are done
13
Each party must be giving up something
Acceptance
Consideration
Benefit
Return
14
Both parties agree to terms & provides proof of the contract
Express contract
Written contract
Implied contract
Unilateral contract
15
Which is NOT a requirement of an offer?
Communication to the offer
In writing
Definite and certain
Made seriously
16
Which is NOT one of the required elements of a contract?
Legality
Capacity
Consideration
Definiteness

BUSINESS LAW - Contract, Offer & Acceptance Flashcards | StudBud