#1
Which of the following is an essential element for the formation of a valid contract?
All of the above
ExplanationAgreement, Legal Capacity, Lawful Object
#2
Which of the following is NOT a requirement for a valid offer?
Acceptance by the offeree
ExplanationOffer requires an intention to be bound, certainty, and communication
#3
What is the legal effect of a counteroffer?
It terminates the original offer and creates a new offer.
ExplanationChanges terms and shifts offeror-offeree roles
#4
What constitutes a valid offer in contract law?
An expression of willingness to enter into a contract on certain terms
ExplanationClear, definite, and communicated
#5
Which of the following is an example of a unilateral contract?
A promises to pay B $100 if B mows A's lawn.
ExplanationOne party makes a promise in exchange for a specific act by the other
#6
What is the legal concept of 'capacity' in contract law?
The ability of a party to understand the terms of a contract and enter into it knowingly and voluntarily.
ExplanationMental competence and understanding
#7
What is the 'mirror image' rule in contract law?
It states that the terms of acceptance must mirror the terms of the offer exactly.
ExplanationNo deviation in terms during acceptance
#8
In contract law, what is the significance of 'consideration'?
It is something of value exchanged for a promise.
ExplanationMutual exchange supporting the contract
#9
What does the term 'void contract' mean?
A contract that is invalid and unenforceable from the beginning.
ExplanationLacks legal force from the start