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Legal Principles in Contract Formation Quiz

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What is the legal term for the act of agreeing to the terms of an offer?

Acceptance

Explanation

Formal agreement to the terms offered

What is the legal term for a contract that is formed through the actions of the parties, rather than through written or spoken words?

Implied contract

Explanation

Contract inferred from conduct

What is the legal term for the act of canceling or terminating a contract?

Rescission

Explanation

Cancellation of contract

What is the legal term for an agreement made in jest or without serious intent?

Void contract

Explanation

Lacks the required legal intent

Which of the following is an essential element of a valid contract?

Offer and acceptance

Explanation

Mutual agreement between parties

What is the legal term for withdrawing an offer before it is accepted?

Revocation

Explanation

Cancellation of offer prior to acceptance

Which of the following is NOT a requirement for a valid offer?

Acceptance

Explanation

Acceptance is the response, not the requirement

Which of the following is NOT a type of contract termination?

Conception

Explanation

Not a recognized legal concept in contract law

In contract law, what does the term 'capacity' refer to?

The legal ability of parties to enter into contracts

Explanation

Legal competence to contract

#10

In contract law, what does 'consideration' refer to?

The price paid for the goods or services

Explanation

Value exchanged between parties

#11

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

Contracts involving real estate

Explanation

Requirement for legal enforceability

#12

What is the legal term for a contract in which one party promises to do something in exchange for the other party's promise to do something else?

Bilateral contract

Explanation

Exchange of mutual promises

#13

Under what circumstances might a contract be deemed 'voidable'?

When one party was coerced into entering the contract

Explanation

Contract with the option to cancel due to coercion

#14

Which of the following contracts is typically NOT enforceable by law?

Contracts for illegal activities

Explanation

Against public policy and therefore unenforceable

Legal Principles in Contract Formation Quiz

What is the legal term for the act of agreeing to the terms of an offer?

What is the legal term for a contract that is formed through the actions of the parties, rather than through written or spoken words?

What is the legal term for the act of canceling or terminating a contract?

What is the legal term for an agreement made in jest or without serious intent?

Which of the following is an essential element of a valid contract?

What is the legal term for withdrawing an offer before it is accepted?

Which of the following is NOT a requirement for a valid offer?

Which of the following is NOT a type of contract termination?

In contract law, what does the term 'capacity' refer to?

In contract law, what does 'consideration' refer to?

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

What is the legal term for a contract in which one party promises to do something in exchange for the other party's promise to do something else?

Under what circumstances might a contract be deemed 'voidable'?

Which of the following contracts is typically NOT enforceable by law?

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