Contract Law Quiz

Consideration is the value exchanged between parties in a contract.

Capacity refers to the legal requirement that parties must be competent to enter into a contract.

Consideration is the value exchanged between parties in a contract.

An executed contract is one in which all parties have fulfilled their obligations.

A counteroffer replaces the original offer, creating a new proposal.

Competence of the parties is a requirement for a valid contract, not a defense.

A unilateral contract involves one party making a promise, while a bilateral contract involves promises from both parties.

Promissory estoppel is a legal doctrine preventing a party from denying their promise if it causes foreseeable reliance by the other party.

Unconscionability refers to terms in a contract that are unjustly harsh or oppressive.

The parol evidence rule excludes prior or contemporaneous agreements that contradict or modify the terms of a written contract.

The mailbox rule states that acceptance of an offer is effective upon dispatch by the offeree.

While some contracts must be in writing, it's not a universal requirement for enforceability.

A force majeure clause allocates risks between parties in case of unforeseen events beyond their control.

A liquidated damages clause specifies the predetermined amount of damages in case of contract breach.