#1
Which of the following is an essential element for the formation of a valid contract?
Offer and acceptance
ExplanationMutual agreement between parties
#2
What does the term 'consideration' refer to in contract law?
Payment or something of value exchanged
ExplanationExchange of value between parties
#3
What is the legal age required for a person to enter into a contract in most jurisdictions?
18
ExplanationAge of majority
#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
ExplanationEnsures contracts are documented
#5
Which of the following is NOT a requirement for a valid offer in contract law?
Acceptance
ExplanationOffer made without acceptance
#6
What does the term 'consideration' mean in the context of contract law?
The exchange of promises or something of value between parties to a contract
ExplanationValue exchanged in a contract
#7
Which of the following is NOT a valid way to modify a contract?
Performance of a new contract
ExplanationCreating a new contract instead
#8
What is the legal term for ending a contract before the completion of its terms?
Rescission
ExplanationCancellation of a contract
#9
Which of the following is a type of contract that must be in writing to be enforceable?
Statute of frauds contract
ExplanationContracts needing written proof
#10
What is the term for a contract in which both parties fulfill their obligations simultaneously?
Bilateral contract
ExplanationMutual obligations fulfilled
#11
What is the doctrine of 'frustration' in contract law?
When performance of a contract becomes impossible or radically different due to unforeseen circumstances
ExplanationContract becomes impossible to fulfill
#12
In contract law, what does the term 'impossibility' refer to?
A situation where performance of the contract becomes illegal or impossible
ExplanationContractual obligations become illegal or unachievable
#13
In contract law, what is the 'parol evidence rule'?
Rule excluding oral evidence of prior or contemporaneous agreements
ExplanationPrevents oral evidence in court
#14
In contract law, what is 'capacity' referring to?
The legal ability to enter into a contract
ExplanationLegal competence to contract
#15
Which of the following is a remedy for breach of contract where the non-breaching party is compensated for losses suffered?
Damages
ExplanationCompensation for losses
#16
What is the effect of a contract being declared 'void'?
The contract is entirely unenforceable and treated as if it never existed
ExplanationContract is nullified
#17
Under what circumstances might a court order 'specific performance' as a remedy for breach of contract?
When monetary damages would be insufficient to compensate for the breach
ExplanationWhen monetary compensation is inadequate
#18
What is the legal term for a contract that has been intentionally misrepresented or deceived?
Contractual fraud
ExplanationContract based on deceit