Have an account?
Skip to Content
Build your own quiz
Suggestions for you
Business
University
Contract Law - Formation of Contracts/Offer + Acceptance
96 questions
Show Answers
See Preview
- 1. Multiple Choice
What is required to form a legally binding contract?
Offer, Acceptance, Consideration, Intention, Certainty.
Duty, Breach, Causation, Damages
Offer, Acceptance, Collateral, Sufficiency.
Invitation to treat, Offer, Counter Offer, Acceptance.
- 2. Multiple Choice
What is the definition of an offer?
An expression of willingness to negotiate.
A declaration that one party will contract with another.
Expression of willingness to contract with the party to whom it is addressed, as soon as the latter accepts its terms.
An invitation for other parties to consider whether they are able to purchase the goods/services.
- 3. Multiple Choice
What is the definition of an invitation to treat?
Select all options that apply!
An invitation to another party to negotiate.
An indication of one party's willingness to enter into a contract with the party to whom its addressed as soon as the latter accepts its terms.
It is not an offer, it falls short of being an offer.
An invitation to the other party to make an offer.
- 4. Multiple Choice
Which of the following cases illustrate an invitation to treat?
Select all that apply!
Carlil v Carbolic Smokeball Company [1892] EWCA Civ 1.
Fisher v Bell [1961] 1 QB 394.
Partridge v Crittenden [1968] 2 All ER 421 (QB).
Donoghue v Stevenson [1932] UKHL 100.
Grainger & Son v Gough (Surveyor of Taxes) [1896] AC 325 HL.
- 5. Multiple Choice
Which of the following describes a revocation or termination of an offer?
Rejection
Failure to satisfy or perform conditions.
Counter offer or rejection of the offer.
The offer may be terminated by passage of time or death of the offeree/offeror
All of the above are correct.
- 6. Multiple Choice
What is a counter offer?
A further offer made by the original offeror.
Where a party seeks to introduce a secondary or ancillary agreement to the original contract.
Where a party seeks to change or vary terms of the original offer or seeks to introduce a new term(s).
A rejection and withdrawal of the original offer.
- 7. Multiple Choice
What is the general rule of the postal acceptance rule?
The offer will be accepted once the letter is received by the offeror.
When the seal of the letter is broken by the offeror.
When the letter is posted by the offeree.
When the offeree gets notification from the Royal Mail or Courier that his letter has been received.
- 8. Multiple Choice
True or false:
The postal rule applies to modern, instantaneous forms of communication.
True
False
- 9. Multiple Choice
Which of the following is not a required element of a contract.
Mutual Assent
Offer and Acceptance
Consideration
Cash Value Exchange
- 10. Multiple Choice
Person's ability to satisfy the elements required for someone to enter binding contracts
Consideration
Mutual Assent
Capacity
Offer and Acceptance
- 11. Multiple Choice
A contract between two parties for illegal activities is not valid.
True
False
- 12. 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
- 13. 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
- 14. 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.
- 15. Multiple Choice
Offering a reward to anyone who can return your lost pet is an example of a...
Bilateral contract
Unilateral Contract
- 16. Multiple Choice
Which of the following is the most common/ acceptable reason to discharge a contract.
Performance
Fraud
Breach
Agreement
- 17. Multiple Choice
Which of the following is a remedy to a breached contract?
Money Damages
Restitution
Specific Performance
All of the above
- 18. Multiple ChoiceThe person making the offer is called theOffereeOfferorSenderGiver
- 19. Multiple ChoiceThe person receiving the offer is referred to as theofferoroffereereceiveracceptor
- 20. Multiple ChoiceThe taking back of an offer by the offeror is calledrevocationrejectioncancellationconsideration
- 21. Multiple ChoiceA contract that amounts to nothing and has no legal effect isunenforceablevoidablevoidunilateral
- 22. Multiple ChoiceThis element refers to someones mental ability to enter into an contract.considerationlegalitycapacitygenuine agreement
- 23. Multiple ChoiceWhich of the following is not one of the requirements of a valid offer?made seriouslydefinite and certainput in writingcommunicated to offeree
- 24. Multiple ChoiceA contract that contains a promise by both parties isexpressedimpliedbilateralunilateral
- 25. Multiple ChoiceIf a valid offer is met with a valid acceptance, the result ismisrepresentationgenuine agreementlegalitycapacity
- 26. Multiple ChoiceA reward offer is an example of what type of a contract?bilateralimpliedunilateralvoid
- 27. Multiple ChoiceA voidable contracthas no sealis not in writinghas no legal effect at allcan be voided by at least 1 of the parties
- 28. Multiple ChoiceUnder this rule, the acceptance must not change the terms of the original offer.counteroffermirror imageformalist theorybilateral
- 29. Multiple ChoicePeople sometimes enter into these contracts without exchanging a word. Occurs when we get gas sometimes.expressedimpliedbilateralunilateral
- 30. Multiple ChoiceWhich of the following is not one of the ways to terminate an offer?revocationrejectioncounterofferAll are ways to terminate an offer
- 31. Multiple ChoiceWhat would the following be considered:
Black Friday Deal Sony 60" Flat screen TV $499 (10 at each store)offerinvitation to negotiateneither - 32. Multiple ChoiceIn order to enter into a contract you must how old do you have to be for it to be enforceable in court?21191816
- 33. Multiple ChoiceIn Ohio, in order for a contract to be enforceable it has to be in writing for all transactions valued over how much?$1000$100$500$5000
- 34. Multiple ChoiceIn Ohio, in order for a contract to be enforceable it has to be in writing for all transactions valued over how much?$1000$100$500$5000
- 35. Multiple ChoiceA contract to hire a hit man would be unenforceable because of what missing element?considerationcapacitygenuine agreementlegality
- 36. Multiple ChoiceThe offeree is the one accepting the offer.TrueFalse
- 37. Multiple ChoiceContracts are legal links between the individuals and companies producing and consuming goods and services.TrueFalse
- 38. Multiple ChoiceAll serious agreements are contracts.TrueFalse
- 39. Multiple ChoiceThe test of the reasonable person is an objective legal test used by juror or judges.TrueFalse
- 40. Multiple ChoiceWhen the offeror communicates an offer to contract, the offeree is not required to accept it, but he or she may choose to do so.TrueFalse
- 41. Multiple ChoiceSocial agreements create legal obligations.TrueFalse
- 42. Multiple ChoiceEvery offer, when properly made, is always ended either by acceptance or rejection by the offeree.TrueFalse
- 43. Multiple ChoiceEvery offer, when properly made, is always ended either by acceptance or rejection by the offeree.TrueFalse
- 44. Multiple ChoiceEven though the offeree has given nothing of value in exchange, a merchant who makes a firm offer may not revoke it.TrueFalse
- 45. Multiple ChoiceAn offer made to one person can be accepted by another.TrueFalse
- 46. Multiple ChoiceAn offeror's attempt to word the offer so that silence would appear to be an acceptance is valid.TrueFalse
- 47. Multiple ChoiceRecission is conduct suggesting you intend to be bound by the contract.TrueFalse
- 48. Multiple ChoiceThe absence of genuine agreement will make contract papers voidable.TrueFalse
- 49. Multiple ChoiceCommitting an act of violence to obtain a signature on a written contract is duress.TrueFalse
- 50. Multiple ChoiceWhen one party to the contract is in a position of trust and wrongfully dominates the other party, undue influence occurs.TrueFalse
- 51. Multiple ChoiceSigning a contract written in a language you don't understand will not bind you.TrueFalse
- 52. Multiple ChoiceMaterial facts are important facts that influence the parties' decisions about a contract.TrueFalse
- 53. Multiple ChoiceIn some states, the contract is still valid if the mutual mistake is about the applicable law.TrueFalse
- 54. Multiple ChoiceUnilateral mistakes create the right to rescind or void the contract.TrueFalse
- 55. Multiple ChoiceAll persons are presumed to know the law.TrueFalse
- 56. Multiple ChoicePunitive damages are a form of punishment.TrueFalse
- 57. Multiple ChoiceThe offeror is the one making the offer,TrueFalse
- 58. Multiple Choice
The right to withdraw an offer before it is accepted is
revocation
a counteroffer
termination
consideration
- 59. Multiple Choice
Generally defined ______________ are agreements between two or more parties that create obligations.
offers
contracts
treaties
agendas
- 60. Multiple ChoiceThe person to whom an offer is made is the __________________.offercontractsoffereeofferor
- 61. Multiple ChoiceThe person who makes the offer is termed the _____________________.offereecontractsofferoroffer
- 62. Multiple ChoiceA offer may be made to a group, the public, or a _______IndividualFamilyCountryInanimate Object
- 63. Multiple ChoiceThe person to whom an offer is made is the __________________.offercontractsoffereeofferor
- 64. Multiple ChoiceThe person to whom an offer is made is the __________________.offercontractsoffereeofferor
- 65. Multiple ChoiceThe person who makes the offer is termed the _____________________.offereecontractsofferoroffer
- 66. Multiple ChoiceThe person who makes the offer is termed the _____________________.offereecontractsofferoroffer
- 67. Multiple ChoiceA offer may be made to a group, the public, or a _______IndividualFamilyCountryInanimate Object
- 68. Multiple ChoiceA offer may be made to a group, the public, or a _______IndividualFamilyCountryInanimate Object
- 69. Multiple Choice
What is required to form a legally binding contract?
Offer, Acceptance, Consideration, Intention, Certainty.
Duty, Breach, Causation, Damages
Offer, Acceptance, Collateral, Sufficiency.
Invitation to treat, Offer, Counter Offer, Acceptance.
- 70. Multiple Choice
What is the definition of an offer?
An expression of willingness to negotiate.
A declaration that one party will contract with another.
Expression of willingness to contract with the party to whom it is addressed, as soon as the latter accepts its terms.
An invitation for other parties to consider whether they are able to purchase the goods/services.
- 71. Multiple Choice
What is the definition of an invitation to treat?
Select all options that apply!
An invitation to another party to negotiate.
An indication of one party's willingness to enter into a contract with the party to whom its addressed as soon as the latter accepts its terms.
It is not an offer, it falls short of being an offer.
An invitation to the other party to make an offer.
- 72. Multiple Choice
Which of the following describes a revocation or termination of an offer?
Rejection
Failure to satisfy or perform conditions.
Counter offer or rejection of the offer.
The offer may be terminated by passage of time or death of the offeree/offeror
All of the above are correct.
- 73. Multiple Choice
What is a counter offer?
A further offer made by the original offeror.
Where a party seeks to introduce a secondary or ancillary agreement to the original contract.
Where a party seeks to change or vary terms of the original offer or seeks to introduce a new term(s).
A rejection and withdrawal of the original offer.
- 74. Multiple Choice
What is the general rule of the postal acceptance rule?
The offer will be accepted once the letter is received by the offeror.
When the seal of the letter is broken by the offeror.
When the letter is posted by the offeree.
When the offeree gets notification from the Royal Mail or Courier that his letter has been received.
- 75. Multiple Choice
True or false:
The postal rule applies to modern, instantaneous forms of communication.
True
False
- 76. Multiple Choice
A agrees to buy a certain horse from B. It turns out that the horse was dead at the time of the bargain, though neither party was aware of the fact. The agreement is void.
True
False
- 77. Multiple Choice
A and B, being traders, enter upon a contract. A has private information of a change in prices which would affect B’s willingness to proceed with the contract. A is not bound to inform B.
True
False
- 78. Multiple Choice
A and B, being traders, enter upon a contract. A has private information of a change in prices which would affect B’s willingness to proceed with the contract. A is not bound to inform B.
True
False
- 79. Multiple Choice
A false opinion may also be considered as a misrepresentation actionable by law.
True
False
- 80. Multiple Choice
A Vitiating factor is a factor that can affect the validity of a contract.
True
False
- 81. Multiple Choice
Which of the following is NOT a Mistake?
Common
Mutual
Unilateral
Fraudulent
- 82. Multiple Choice
When there is a presence of the vitiating factor of 'Mistake' in a contract, this contract is ____________.
Void
Voidable
- 83. Multiple Choice
When one party makes a mistake, which the other person knows of or must be taken to know of is considered a _______________.
Common
Mutual
Unilateral
- 84. Multiple Choice
A customer goes to the sample room of an interior decorator to select a carpet and asks the clerk to show him a navy carpet, which he purchases. The sales slip notes that the carpet purchased is navy. When, upon examining the carpet in daylight, the customer discovers that it is black, not navy as he thought when he bought it, a _______________ mistake would have occurred,
Mutual
Common
Unilateral
- 85. Multiple Choice
Misrepresentation may make a contract ____________________.
Void
Voidable
- 86. Multiple Choice
A seller unknowingly offering defective merchandise to a customer.
Fradululent Misrepresentation
Negligent Misrepresentation
Innocent Misrepresentation
- 87. Multiple Choice
When Illegitimate pressure is placed on a party which causes them to enter into a contract
Duress
Undue Influence
Illegality
Mistake
Misrepresentation
- 88. Multiple Choice
If a contract is void , it cannot be enforced by either of the parties.
True
False
- 89. Multiple Choice
If a contract is rendered voidable, it can be cancelled although it is a valid contract.
True
False
- 90. Multiple Choice
These vitiating factors make a contract void.
Duress
Misrepresentation
Illegality
Undue Influence
Mistake
- 91. Multiple Choice
A counteroffer terminates an original offer.
True
False
- 92. Multiple Choice
if Jones accepts the $10,000.00 price, but adds a term by stating that new tires must be put on the car, this is a conditional acceptance and therefore a/an ________________.
offer
counter offer
revocation
rejection
- 93. Multiple Choice
A ___________________ is an offeree’s communication that an offer is unacceptable.
offer
revocation
rejection
counter offer
- 94. Multiple Choice
If the offer does not specify a time, it will terminate after a reasonable period of time has passed.
True
False
- 95. Multiple Choice
Select ALL that apply. A contract can be terminated by ___________________.
revocation
rejection
breach
impossibility of performance
rescission
- 96. Multiple Choice
Performance by both parties in a contract does NOT terminate a contract.
True
False
- Answer choicesTagsAnswer choicesTags