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- 1. Multiple Choice
Which of the following is not a required element of a contract.
Mutual Assent
Offer and Acceptance
Consideration
Cash Value Exchange
- 2. Multiple Choice
Person's ability to satisfy the elements required for someone to enter binding contracts
Consideration
Mutual Assent
Capacity
Offer and Acceptance
- 3. Multiple Choice
A contract between two parties for illegal activities is not valid.
True
False
- 4. Multiple Choice
A minor has the capacity to contract when...
Always
Only valid on contracts valuing over $1 Million
For necessities like food, clothing, and lodging
It depends on the state you live in
- 5. Multiple Choice
What is the name of the form used to make an offer on residential property in Wisconsin?
1040EZ
WB-11
1099-INT
RP-100
- 6. Multiple Choice
Which of the following is a contract?
Betty offers to give a book to Lou. Lou accepts.
Betty offers Lou the book in exchange for Lou’s promise to pay twenty-five dollars. Lou accepts.
Betty offers to give Lou the book if Lou promises to pick it up at Betty’s house. Lou agrees.
None of the above
- 7. Multiple Choice
Consideration is...
a set of mutual promises in which each party agrees to give up something to the benefit of the other.
The amount of time one has to accept an offer.
The 5 minutes following an offer that must elapse before an acceptance can take place.
The element of a contract that says the value of what each party is giving up must be equal.
- 8. Multiple Choice
Offering a reward to anyone who can return your lost pet is an example of a...
Bilateral contract
Unilateral Contract
- 9. Multiple Choice
Which of the following is the most common/ acceptable reason to discharge a contract.
Performance
Fraud
Breach
Agreement
- 10. Multiple Choice
Which of the following is a remedy to a breached contract?
Money Damages
Restitution
Specific Performance
All of the above
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