Business Law Principles and Practices

Business

Quiz 6 :
Contract Law: a Beginning

Quiz 6 :
Contract Law: a Beginning

Showing 1 - 20 of 49
Next Quiz
arrow
A contract is a mere promise between two or more persons who have the capacity to contract.
Free
True False
Answer:

Answer:

False

arrow
Each party to a contract obtains both rights and obligations.
Free
True False
Answer:

Answer:

True

arrow
Legally, all contracts are agreements, but not all agreements are contracts.
Free
True False
Answer:

Answer:

True

arrow
An express contract is one in which the agreement is specifically stated.
True False
Answer:
arrow
When a party to a contract fails to perform as agreed, a breach of contract occurs.
True False
Answer:
arrow
In a bilateral contract, only one party makes a promise.
True False
Answer:
arrow
In a bilateral contract, the offeree's promise is the acceptance.
True False
Answer:
arrow
A voidable contract is completely enforceable against all parties unless and until the party legally entitled to avoid it does so.
True False
Answer:
arrow
A void contract has no legal effect.
True False
Answer:
arrow
An executory contract is one that has not been fully performed by one or all of the parties.
True False
Answer:
arrow
Voidable contracts are legal agreements that lack some requirement of the law.
True False
Answer:
arrow
An insurance policy is a good example of an express contract.
True False
Answer:
arrow
The initial step toward forming a contract is to decide on the amount of consideration.
True False
Answer:
arrow
A quasi contract is not a real contract but rather a fictional contract created by the courts to prevent one party from being unjustly enriched at the expense of another party.
True False
Answer:
arrow
An implied contract in fact is one that is formed from the actions of the parties.
True False
Answer:
arrow
A contract
Multiple Choice
Answer:
arrow
An informal contract should include
Multiple Choice
Answer:
arrow
To create a legally binding contract, both parties to the agreement must be
Multiple Choice
Answer:
arrow
Four essential elements are necessary to create a valid contract. Which of the following is not one of these elements?
Multiple Choice
Answer:
arrow
Johnson entered into a contract to sell his computer to Madison for $950. Johnson then changed his mind and refused to deliver the computer to Madison as agreed. Johnson's failure to deliver the computer is considered to be
Multiple Choice
Answer:
Showing 1 - 20 of 49
Next Quiz