Contractual Agreements Quiz

Test your knowledge on contractual agreements, elements, doctrines, and legal principles. Explore offer, consideration, frustration, voidable contracts, and more.

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What is an offer in a contractual agreement?

A promise to do or not to do something

A proposal made with the intention of creating a legally binding contract

A statement of future intent

An invitation to negotiate

Which element is essential for the validity of a contract?

Mutual agreement

Written documentation

Verbal confirmation

Witness signatures

What is consideration in a contractual agreement?

The amount of money exchanged

A promise or something of value exchanged for the promise of the other party

The terms and conditions of the contract

The duration of the contract

Which of the following contracts must be in writing to be enforceable?

Lease agreement for one month

Sale of goods over $500

Service contract under $100

Employment contract for three months

What is the statute of frauds in contract law?

A law that requires certain contracts to be in writing to be enforceable

A law that limits the time within which a party can file a lawsuit for breach of contract

A law that governs the performance of contracts

A law that prohibits minors from entering into contracts

What is the difference between void and voidable contracts?

Void contracts are enforceable by law, while voidable contracts are not.

Void contracts lack consideration, while voidable contracts have illegal subject matter.

Void contracts are valid until revoked, while voidable contracts can be canceled by one party.

Void contracts are legally binding, while voidable contracts lack mutual assent.

Which of the following is an example of a unilateral contract?

A lease agreement

A sale of goods contract

A reward offer

An employment contract

What is the difference between a bilateral and a unilateral contract?

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

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

A bilateral contract is oral, while a unilateral contract is written.

A bilateral contract involves a single exchange of promises, while a unilateral contract involves continuous promises.

What is the doctrine of frustration in contract law?

The contract is void if one party was under duress

A contract becomes impossible to perform due to unforeseen circumstances beyond the control of the parties

Both parties agree to terminate the contract

One party breaches the contract

#10

What is promissory estoppel in contract law?

A doctrine that allows minors to disaffirm contracts

A doctrine that prevents a party from denying a promise when the other party relies on it to their detriment

A doctrine that applies when a contract is impossible to perform

A doctrine that voids contracts lacking consideration

#11

What is the parol evidence rule in contract law?

A rule that prohibits the introduction of oral evidence to contradict the terms of a written contract

A rule that allows parties to modify a contract orally without written confirmation

A rule that requires contracts to be executed in multiple copies

A rule that prevents minors from entering into contracts

#12

What is the doctrine of impossibility in contract law?

A doctrine that allows one party to refuse performance of a contract if they become ill

A doctrine that applies when one party's performance becomes objectively impossible due to unforeseen circumstances

A doctrine that allows parties to terminate a contract at any time

A doctrine that voids contracts if they are impossible to perform

#13

What is the doctrine of privity of contract?

A doctrine that allows third parties to enforce a contract

A doctrine that prevents third parties from enforcing a contract

A doctrine that allows contracting parties to change the terms of a contract freely

A doctrine that applies when contracts lack consideration

#14

What is specific performance in contract law?

A remedy that requires a party to fulfill their contractual obligations as agreed

A remedy that awards monetary damages for breach of contract

A remedy that allows parties to rescind a contract

A remedy that applies when a contract is void