Have an account?
Skip to Content
Build your own quiz
30 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
The purpose of contract needs to be for a lawful purpose.
TRUE
FALSE
- 4. Multiple Choice
_________________ is the legal ability to enter into a contract, so minors and those with mental impairments lack it.
Executory
Consent
Acceptance
Capacity
- 5. Multiple Choice
In an express contract, the two parties state all the important terms of their agreement.
TRUE
FALSE
- 6. Multiple Choice
In order for _______________ to be present in a contract, the offeree must say or do something to accept.
Void
Bilateral
Acceptance
Writing
- 7. Multiple Choice
A Valid contract is one that satisfies all of the law’s requirements.
TRUE
FALSE
- 8. Multiple Choice
In an implied contract, the words and conduct of the parties indicate that they intended an agreement.
TRUE
FALSE
- 9. Multiple Choice
Some types contracts cannot be enforced if they are not in ___________.
Bilateral
Writing
Acceptance
Void
- 10. Multiple Choice
_____________________ is the central idea that both parties in a contract need to benefit from it.
Consent
Implied
Unilateral
Consideration
- 11. Multiple Choice
A ____________ contract occurs when one of the parties commits fraud, or when an agreement has been signed under duress.
Valid
Voidable
Implied
Express
- 12. Multiple Choice
Offers can be terminated by revocation, rejection, expiration, and operation of law.
FALSE
TRUE
- 13. 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
- 14. 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
- 15. 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
- 16. Multiple Choice
Lucas' agreeing to accept Jenn's proposal to sell her car is which element of a contract?
acceptance
consideration
rejection
revocation
- 17. Multiple Choice
Lauren, Avery, and Patrick, all age 15, enter into a contract, what term describes this type of contract?
bilateral
valid
void
voidable
- 18. Multiple ChoiceThe offeree is the one accepting the offer.TrueFalse
- 19. Multiple ChoiceContracts are legal links between the individuals and companies producing and consuming goods and services.TrueFalse
- 20. Multiple ChoiceAll serious agreements are contracts.TrueFalse
- 21. 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
- 22. Multiple ChoiceEvery offer, when properly made, is always ended either by acceptance or rejection by the offeree.TrueFalse
- 23. Multiple ChoiceAn offer made to one person can be accepted by another.TrueFalse
- 24. Multiple ChoiceWhen one party to the contract is in a position of trust and wrongfully dominates the other party, undue influence occurs.TrueFalse
- 25. Multiple ChoiceThe offeror is the one making the offer,TrueFalse
- 26. Multiple ChoiceA voidable contracthas no sealis not in writinghas no legal effect at allcan be voided by at least 1 of the parties
- 27. 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.
- 28. Multiple Choice
Every person in Malaysia attains the age of majority at...
17 yrs
18 yrs
19 yrs
25 yrs
- 29. Multiple Choice
Advertisements made by manufacturers are considered as ...
offers
invitation to treat
past consideration
executory consideration
- 30. Multiple ChoiceSocial arrangementsa. are not legal obligations.b. are legal contracts.c. are subject to breach of contract.d. none of these.
- Answer choicesTagsAnswer choicesTags