#1
Which of the following is essential for the formation of a valid contract?
Offer and acceptance
Consideration
Intent
Written agreement
#2
What is the legal age required for a person to enter into a contract?
16 years
18 years
21 years
25 years
#3
In contract law, what does 'consideration' refer to?
The price paid for the goods or services
The willingness of the parties to enter into the contract
Something of value exchanged between the parties to a contract
The terms and conditions outlined in the contract
#4
What is an 'executed contract'?
A contract that has been fully performed by both parties.
A contract that is still in force and has not yet been terminated.
A contract that has not yet been fully performed by one or both parties.
A contract that has been declared void by a court of law.
#5
What is the legal capacity required for individuals to enter into a contract?
They must be at least 16 years old.
They must be at least 18 years old.
They must be at least 21 years old.
They must be at least 25 years old.
#6
What happens if one party fails to fulfill their obligations under a contract?
The contract becomes void
The contract is discharged
The innocent party may sue for breach of contract
The contract becomes illegal
#7
What is the difference between void and voidable contracts?
Void contracts have never been valid, while voidable contracts are initially valid but can be voided by one party.
Void contracts can be ratified, while voidable contracts cannot be ratified.
Void contracts are always illegal, while voidable contracts may or may not be illegal.
There is no difference between void and voidable contracts.
#8
What is the doctrine of promissory estoppel in contract law?
A promise made without consideration is not legally binding.
A promise made without intent is not legally enforceable.
A promise made without capacity is not legally valid.
A promise made without reliance cannot be enforced if the promisee relied on it to their detriment.
#9
What is the purpose of the Statute of Frauds in contract law?
To prevent fraud and perjury by requiring certain contracts to be in writing
To prevent parties from entering into contracts that are against public policy
To ensure that all contracts are fair and equitable to both parties
To provide remedies for breach of contract
#10
Which of the following is an example of a unilateral contract?
Buying groceries at a store
Hiring a contractor to renovate a house
Offering a reward for the return of a lost pet
Signing a lease agreement for an apartment
#11
What is the doctrine of frustration in contract law?
It occurs when a party to a contract fails to fulfill their obligations.
It allows a contract to be terminated if unforeseen events make performance impossible, illegal, or radically different from what was originally agreed upon.
It requires all contracts to be in writing to be enforceable.
It allows minors to disaffirm contracts they entered into.
#12
Which of the following is not a requirement for a contract to be valid?
Legal purpose
Competent parties
Written agreement
Genuine consent
#13
What is the difference between an express contract and an implied contract?
An express contract is written, while an implied contract is verbal.
An express contract is clearly stated by the parties, while an implied contract is inferred from the actions of the parties.
An express contract requires consideration, while an implied contract does not.
There is no difference between an express contract and an implied contract.
#14
What is the purpose of the parol evidence rule?
To prevent parties from introducing evidence of oral agreements that contradict the terms of a written contract
To allow parties to present any evidence, including oral agreements, to clarify the terms of a written contract
To ensure that all contracts are fair and equitable to both parties
To provide remedies for breach of contract
#15
Which of the following is a requirement for a contract to be considered unconscionable?
One party lacks capacity to understand the terms of the contract
The contract contains terms that are unreasonably favorable to one party
The contract is not properly executed or signed by both parties
Both parties are not competent to enter into the contract
#16
What is the doctrine of 'caveat emptor'?
It means 'let the buyer beware,' indicating that buyers are responsible for checking the quality and suitability of goods before purchase.
It means 'let the seller beware,' indicating that sellers are responsible for disclosing all defects in goods.
It requires all contracts to be in writing to be enforceable.
It allows a party to cancel a contract within a specified period after signing.