Which of the following elements is essential for the formation of a valid contract? A) Consideration B) Invitation to treat C) Capacity D) Offer and acceptance
What is the term used to describe a contract that has been fully performed by both parties? A) Executed contract B) Executory contract C) Void contract D) Voidable contract
Which of the following is not a valid form of consideration in a contract? A) Money B) Goods C) Love and affection D) Services
What is the legal term for a contract in which one party makes a promise in exchange for an act from the other party? A) Unilateral contract B) Bilateral contract C) Voidable contract D) Quasi-contract
Which of the following is not a requirement for a valid offer? A) Intention to create legal relations B) Certainty C) Acceptance D) Communication
What is the term used to describe a situation where one party makes a false statement that induces the other party to enter into a contract? A) Misrepresentation B) Mistake C) Duress D) Undue influence
What is the legal term for a contract that is enforceable by law but lacks some legal requirement? A) Void contract B) Voidable contract C) Unenforceable contract D) Quasi-contract
In a contract, what is the term used to describe the party who makes an offer? A) Offeror B) Offeree C) Promisor D) Promisee
Which of the following is not a valid ground for discharge of a contract? A) Breach of contract B) Frustration C) Accord and satisfaction D) Novation
What is the legal term for an agreement between parties that is not legally binding? A) Void contract B) Voidable contract C) Unenforceable contract D) Agreement in principle
Answers:
- D) Offer and acceptance
- A) Executed contract
- C) Love and affection
- A) Unilateral contract
- C) Acceptance
- A) Misrepresentation
- C) Unenforceable contract
- A) Offeror
- D) Novation
- D) Agreement in principle