#1
Which of the following is an essential element for the formation of a valid contract?
Performance
Offer and acceptance
Intent
Consideration
#2
What does the term 'consideration' refer to in contract law?
Mutual agreement
Payment or something of value exchanged
Formal writing
Contract termination
#3
What is the legal age required for a person to enter into a contract in most jurisdictions?
#4
What is the purpose of the 'statute of frauds' in contract law?
To require certain types of contracts to be in writing to be enforceable
To prevent parties from breaching contracts
To ensure all contracts are performed within a reasonable time frame
To provide remedies for breach of contract
#5
Which of the following is NOT a requirement for a valid offer in contract law?
Intent
Communication
Certainty
Acceptance
#6
What does the term 'consideration' mean in the context of contract law?
The price paid for goods or services
The exchange of promises or something of value between parties to a contract
A formal contract signed by both parties
A clause specifying the termination conditions of a contract
#7
Which of the following is NOT a valid way to modify a contract?
Oral agreement
Written agreement
Performance of a new contract
Sending an email
#8
What is the legal term for ending a contract before the completion of its terms?
Rescission
Revocation
Termination
Abandonment
#9
Which of the following is a type of contract that must be in writing to be enforceable?
Implied contract
Oral contract
Unilateral contract
Statute of frauds contract
#10
What is the term for a contract in which both parties fulfill their obligations simultaneously?
Executed contract
Bilateral contract
Voidable contract
Executory contract
#11
What is the doctrine of 'frustration' in contract law?
When both parties agree to terminate a contract
When performance of a contract becomes impossible or radically different due to unforeseen circumstances
When a party fails to fulfill their obligations under the contract
When a contract is voided due to fraud or misrepresentation
#12
In contract law, what does the term 'impossibility' refer to?
Difficulty in fulfilling contractual obligations
A situation where performance of the contract becomes illegal or impossible
A condition where one party refuses to comply with the terms of the contract
A situation where a party cannot afford to fulfill the contract
#13
In contract law, what is the 'parol evidence rule'?
Rule stating all contracts must be in writing
Rule excluding oral evidence of prior or contemporaneous agreements
Rule allowing verbal modifications to written contracts
Rule requiring consideration for all contracts
#14
In contract law, what is 'capacity' referring to?
The mental capacity of the parties involved
The financial capacity of the parties involved
The legal ability to enter into a contract
The physical capacity to sign a contract
#15
Which of the following is a remedy for breach of contract where the non-breaching party is compensated for losses suffered?
Specific performance
Rescission
Restitution
Damages
#16
What is the effect of a contract being declared 'void'?
The contract is enforceable but only for a limited time period
The contract is enforceable only if both parties agree to new terms
The contract is entirely unenforceable and treated as if it never existed
The contract can be enforced but only through specific performance
#17
Under what circumstances might a court order 'specific performance' as a remedy for breach of contract?
When the breaching party fails to fulfill their obligations under the contract
When the non-breaching party wants to terminate the contract
When monetary damages would be insufficient to compensate for the breach
When both parties agree to the specific performance
#18
What is the legal term for a contract that has been intentionally misrepresented or deceived?
Void contract
Breach of contract
Unenforceable contract
Contractual fraud