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- 1. Multiple Choice
After talking to the salesman on the phone, Molley agree to buy a set of glassware. What type of contract is this?
Oral
Unenforceable
Valid
Written
- 2. Multiple Choice
John and Jenni sign a real estate contract to purchase a historic home. In the body of a contract, a change is handwritten. What law requires the contract to be in writing?
Statute of Frauds
Statute of Limitations
Statute of realtors
Uniform Commercial Code
- 3. Multiple Choice
Jim purchases a rare antique piece for $5,000. The contract was signed by both parties. in this scenario, who is Jim?
donee
donor
offeree
offeror
- 4. Multiple Choice
Robert offered a reward for anyone who returns his lost wallet. What type of contract is this?
Bilateral
implied
unilateral
void
- 5. Multiple Choice
Agreeing to give false testimony violates which element?
capacity
consideration
legality
offer
- 6. Multiple Choice
Zach needs money for college and reluctantly decides to sell his watch grandfather's pocket watch to Lee. what term is used to identify the watch in this transaction for Zach?
Benefit
Counteroffer
Detriment
Forbearance
- 7. Multiple Choice
A threat against a person's business would violate which element?
capacity
consideration
genuine agreement
legality
- 8. Multiple Choice
What elements would NOT cause grounds for avoidance due to lack of genuine agreement?
Duress
Undue Influence
Misrepresentation
Promises
Mistakes
- 9. Multiple Choice
After being offered a new car at a discount, Macey decided to turn down the offer. How was this contract terminated?
referral
refusal
rejection
renovation
- 10. Multiple Choice
If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into affect?
When offered
When received
When sent
When written
- 11. Multiple Choice
Which is a type of unilateral mistake?
destruction of subject matter
impossibility of performance
overcoming one's free will
signing a contract without reading it
- 12. Multiple Choice
Janie gives up her legal right to sue Denease. What term describes this situation?
benefit
counteroffer
detriment
forbearance
- 13. Multiple Choice
Jenn asked Lucas if he wanted to buy her car for $5,000. Who is Jenn is this transaction?
donee
donor
offeree
offeror
- 14. Multiple Choice
Lucas' agreeing to accept Jenn's proposal to sell her car is which element of a contract?
acceptance
consideration
rejection
revocation
- 15. Multiple Choice
Jacob negotiates with Herman over the purchase of his car. How is this contract accepted?
novation
refusal
counteroffer
mirror image rule
- 16. Multiple Choice
Lauren, Avery, and Patrick, all age 15, enter into a contract, what term describes this type of contract?
bilateral
valid
void
voidable
- 17. Multiple Choice
A contract to charge a set price with competitors violates which element?
capacity
consideration
legality
offer
- 18. Multiple Choice
Kyree decides to sell her music collection for $550. Does this contract have to be in writing?
Yes
No
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