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Contracts
Contracts
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business and personal law chapters 5 6 7
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Minors cannot return an item considered a necessity.
True
False
2
A reward ad in the paper is an example of...
a bilateral contract
an invitation to negotiate
an oral contract
a unilateral contract
3
Which of these does not terminate an offer?
death/insanity
counteroffer
revocation
definiteness
4
Each party in a valid contract must be giving up something
acceptance
benefit
adhesion
consideration
5
What is a valid offer with valid acceptance
revocation
genuine agreement
counteroffer
capacity
6
One who is no longer under the legal control of their parents is...
ratified
disaffirmed
none of these
a minor
7
The taking back of an offer by the offeror
counteroffer
expiration
rejection
revocation
8
A _______ contract assures that both parties agree to terms and provides proof of the contract.
express
implied
written
unilateral
9
A care-giver who had an elderly person change his or her will might be accused of...
duress
breach of contract
delegation
undue influence
10
Which is NOT one of the required elements of a contract?
consideration
definiteness
legality
capacity
11
The terms stated in the acceptance of an offer must be exactly the same as in the offer
reasonable test
genuine agreement
mirror image rule
definite and certain
12
Threats of a business nature that cause a person to enter into a contract without real consent would qualify as
undue influence
economic duress
duress
fraud
13
A customer goes to a restaurant and orders food, then eats. When the bill comes, they go to the counter, pay and leave.
not a contract
express contract
implied contract
written contract
14
The act of destroying somebody's free will by force
fraud
undue influence
breach of contract
duress
15
An example of a bilateral contract is a contract to purchase a house.
False
True
16
There are 6 elements of contracts. How many need to be present to be considered a valid contract?
any amout
4
6
5
17
Social engagements are considered a contract.
True
False
18
A minor commits fraud when they claim to be over the age of majority
False
True
19
The legal ability to enter into a contract
Capacity
Consideration
Acceptance
Genuine Agreement
20
A store that advertises TVs for $200 is...
making a bilateral contract
obligated contractually to honor the offer
guilty of fraud
extending an "invitation to negotiate"
21
Which is NOT a requirement of an offer?
in writing
definite and certain
made seriously
communicated to the offer
