#1
Which of the following is not an essential element of a contract?
Offer
Consideration
Acceptance
Negotiation
#2
What is an offer in a contract?
A willingness to enter into a legally binding agreement
A request for goods or services
A statement of dissatisfaction
A formal legal document
#3
What is an express contract?
A contract that is implied through the actions of the parties
A contract that is formed through spoken or written words
A contract that is automatically enforced by law
A contract that is not legally binding
#4
What is an implied contract?
A contract that is formed through spoken or written words
A contract that is automatically enforced by law
A contract that is not legally binding
A contract that is inferred from the actions or conduct of the parties involved
#5
What is an offeror in the context of a contract?
The party to whom an offer is made
The party making the offer
The party accepting the offer
The party negotiating the terms of the offer
#6
Which of the following is true regarding consideration in a contract?
It must be monetary only
It must always be of equal value
It is something of value exchanged for a promise
It is optional in a valid contract
#7
What is capacity in the context of contractual agreements?
The physical size of the contract document
The number of parties involved in the contract
The legal ability to enter into a contract
The duration for which the contract is valid
#8
What is the 'meeting of the minds' in contract law?
A requirement for a valid contract
A gathering of all parties involved in the contract
An agreement between parties on the terms of the contract
A formal ceremony to finalize a contract
#9
What is the difference between a unilateral contract and a bilateral contract?
A unilateral contract involves one party, while a bilateral contract involves two or more parties
A unilateral contract is oral, while a bilateral contract is written
A unilateral contract requires performance from only one party, while a bilateral contract requires performance from both parties
A unilateral contract can be revoked at any time, while a bilateral contract cannot
#10
In contract law, what does the term 'voidable' mean?
The contract is legally binding
The contract is not enforceable
The contract can be rescinded by one or more parties
The contract is valid indefinitely
#11
What is the difference between an executed contract and an executory contract?
An executed contract is oral, while an executory contract is written
An executed contract has been fully performed, while an executory contract has yet to be fully performed
An executed contract is legally binding, while an executory contract is not
An executed contract is revocable, while an executory contract is irrevocable
#12
What is the doctrine of promissory estoppel?
A promise made in a contract must be fulfilled
A promise made without consideration may be enforced
A promise made by one party to a contract is not legally binding
A promise made by one party excuses the other party from performance
#13
What is the statute of frauds?
A law requiring contracts to be executed under a specific statute
A legal principle stating that certain contracts must be in writing to be enforceable
A regulation requiring parties to disclose all relevant information before entering into a contract
A rule allowing contracts to be modified or terminated at any time
#14
What is the doctrine of frustration in contract law?
A doctrine allowing parties to exit a contract if they find it frustrating
A doctrine that renders a contract void if it becomes impossible to perform due to unforeseen circumstances
A doctrine stating that contracts must be written in a clear and understandable manner
A doctrine allowing parties to dispute the terms of a contract
#15
What is the parol evidence rule in contract law?
A rule that prevents parties from using oral evidence to contradict the terms of a written contract
A rule allowing parties to introduce new evidence at any time during a contract dispute
A rule that requires parties to disclose all relevant information before entering into a contract
A rule stating that contracts must be executed under a specific statute
#16
What is the mailbox rule in contract law?
A rule that allows parties to send contracts via mail
A rule that determines when an acceptance sent through mail becomes effective
A rule that requires parties to check their mailbox before entering into a contract
A rule that allows parties to revoke a contract by sending a letter through mail
#17
What is the distinction between a condition and a warranty in contract law?
A condition is a minor term of the contract, while a warranty is a major term
A condition is a term that is central to the contract, while a warranty is a minor term
A condition is a term that must be strictly complied with, while a warranty is a less significant term
A condition is implied, while a warranty must be explicitly stated