#1
Which of the following elements is essential for the formation of a valid contract?
Offer and acceptance
Counteroffer
Preliminary negotiations
Intent to create legal relations
#2
Which of the following is NOT a requirement for a valid offer?
Certainty
Communication
Acceptance
Intent to create legal relations
#3
Which of the following is NOT a requirement for a valid contract?
Legal purpose
Offer and acceptance
Consideration
Written agreement
#4
Which of the following is a valid condition for the termination of an offer?
Revocation by the offeree
Revocation by the offeror communicated to the offeree
Lapse of time
All of the above
#5
Which of the following is NOT a valid element of a contract?
Offer
Acceptance
Consideration
Intent to negotiate
#6
In contract law, what does 'consideration' refer to?
The price paid for goods or services
The mutual exchange of promises
The capacity of the parties to enter into a contract
The legality of the contract subject matter
#7
Which of the following is NOT a valid contract voidable due to capacity issues?
A contract entered into by a minor
A contract entered into by a person of unsound mind
A contract entered into under duress
A contract entered into by a corporation
#8
What is the statute of frauds?
A law that requires certain contracts to be in writing to be enforceable
A doctrine that applies when a contract is partially illegal
A principle that governs the interpretation of ambiguous contract terms
A rule that allows for the discharge of a contract due to a change in circumstances
#9
Which of the following is NOT a type of damages available for breach of contract?
Compensatory damages
Liquidated damages
Consequential damages
Punitive damages
#10
What is the difference between an express contract and an implied contract?
An express contract is written, while an implied contract is oral
An express contract is created by the parties' words, while an implied contract is inferred from their conduct
An express contract requires consideration, while an implied contract does not
An express contract is binding, while an implied contract is not
#11
What is the doctrine of privity of contract?
It states that only parties to a contract can enforce its terms
It allows third parties to enforce a contract
It prohibits parties from altering a contract after it is formed
It allows for the discharge of a contract
#12
Which of the following is NOT a valid defense to a breach of contract claim?
Mistake
Impossibility
Frustration of purpose
Remediation
#13
What is the doctrine of promissory estoppel?
It allows a party to recover damages for a broken promise
It prevents a party from denying the truth of statements made
It enforces promises made without consideration
It allows a party to rescind a contract due to a mistake
#14
What is the doctrine of frustration of purpose?
It occurs when a party intentionally breaches a contract
It allows for the discharge of a contract when its purpose becomes impossible to fulfill
It occurs when a mistake is made about the subject matter of the contract
It prohibits the enforcement of unconscionable contracts
#15
What is the parol evidence rule?
It prohibits parties from introducing evidence outside of the written contract to contradict its terms
It allows parties to modify a contract orally without written confirmation
It requires parties to disclose all relevant information before entering into a contract
It allows parties to rescind a contract due to a mutual mistake