#1
What is the legal term for a contract where one party provides a promise in exchange for an action by the other party?
Unilateral contract
Bilateral contract
Express contract
Implied contract
#2
What is the legal age required for a person to enter into a contract in most jurisdictions?
#3
Which of the following is an example of a unilateral contract?
Buying a car
Renting an apartment
Reward offers
Employment contract
#4
Which of the following elements is essential for the formation of a valid contract?
Offer and acceptance
Intent to create legal relations
Consideration
All of the above
#5
In contract law, what does the term 'consideration' refer to?
The final agreement of the parties
The payment or benefit exchanged between parties
The legality of the contract
The time frame for performance
#6
In contract law, what is the 'parol evidence rule' designed to prevent?
Admission of illegal evidence
Use of oral or written evidence outside the written contract
Enforcement of void contracts
Limitation of liability
#7
What is the term for a contract in which one party fails to fulfill their contractual obligations?
Breach of contract
Rescission
Novation
Specific performance
#8
What is the main purpose of the 'Statute of Frauds' in contract law?
To prevent fraudulent misrepresentation
To ensure contracts are in writing for certain types of agreements
To regulate the formation of contracts
To establish the duration of contractual obligations
#9
Which type of damages aim to compensate the non-breaching party for the direct losses caused by the breach of contract?
Nominal damages
Consequential damages
Liquidated damages
Compensatory damages
#10
What does the term 'meeting of the minds' refer to in contract law?
The initial negotiation stage of a contract
The mutual agreement between parties to form a contract
The formal signing of a contract
The consideration exchanged between parties
#11
Which doctrine allows a court to refuse to enforce a contract that is considered excessively one-sided or unfair?
Doctrine of Frustration
Doctrine of Unconscionability
Parol Evidence Rule
Statute of Frauds
#12
What is the difference between a void contract and a voidable contract?
Void contract is valid, while voidable contract is not.
Void contract lacks legal effect, while voidable contract is initially valid but can be voided by one party.
Void contract can be enforced, while voidable contract cannot.
Void contract is always unilateral, while voidable contract is always bilateral.
#13
What does the term 'quasi-contract' refer to in contract law?
An informal agreement between parties
A contract formed without consideration
An obligation imposed by law to prevent unjust enrichment
A contract with unclear terms
#14
What is the difference between an express contract and an implied contract?
Express contract is verbal, while implied contract is written.
Express contract is inferred from the parties' conduct, while implied contract is explicitly stated.
Express contract is clear and specific, while implied contract is implied by the circumstances.
Express contract is unilateral, while implied contract is bilateral.
#15
What is the legal term for a situation where both parties to a contract fail to perform their obligations?
Breach of contract
Rescission
Anticipatory repudiation
Mutual mistake
#16
What is the doctrine of frustration in contract law?
A doctrine that renders contracts void due to lack of consideration
A doctrine that excuses performance when unforeseen events make performance impossible or highly impracticable
A doctrine that limits the liability of parties in a contract
A doctrine that enforces contracts without considering fairness
#17
What is the term for a situation where one party substitutes a new contract for an existing one, with the consent of all parties involved?
Novation
Assignment
Rescission
Ratification