Essential Components of Contract Law Quiz

Offer and acceptance are necessary for a contract to be formed.

Parties must be mentally and physically capable to enter into contracts.

For a valid offer, it must be communicated to the offeree.

Consideration involves the exchange of something valuable between parties.

Government agency approval is not typically required for contract validity.

A promise to perform an act can constitute valid consideration.

Contracts are not typically terminated by assignment.

Certain contracts must be in writing to be legally enforceable.

Contracts with illegal subject matter are void and unenforceable.

Performance is not a requirement for an offer to be valid.

Contracts can be terminated if unforeseen circumstances make performance impossible.

It signifies mutual agreement and understanding between the parties.

Promissory estoppel allows enforcement of promises even without consideration.

Substantial performance means fulfilling most contract obligations, with minor deviations.

Only the involved parties in a contract have enforceable rights and obligations.

Unconscionable contracts are unenforceable due to being unjustly one-sided or harsh.

It prevents introduction of evidence that contradicts written contract terms.