16.CONTRACT LAW REVISION QUESTIONS WITH CERTIFIED ANSWERS
A contract that is legally binding and fully enforceable is known as __________ - correct answer
a valid contract
A proposal made by one party that he or she is willing to enter a contract is known as
____________ - correct answer an offer
A contract that has no legal effect is known as __________ - correct answer void contract
Any agreement that is enforceable by law is known as ___________ - correct answer a contract
An unqualified agreement by the offeree to be bound by the offer is known as ___________ -
correct answer an acceptance
A contract that comes about by the acts of the parties is known as ____________ - correct
answer an implied contract
An offer that has been changed by the offeree is known as ____________ - correct answer
counteroffer
A contract stated in oral or written words is known as ___________ - correct answer an express
contract
A contract in which both parties make promises is known as ___________ - correct answer
bilateral contract
A contract in which one party makes a promise in exchange for an act is known as ___________
- correct answer unilateral contract
What are advertisements normally considered? - correct answer invitations to negotiate
A contract that is legally binding and fully enforceable is known as __________ - correct answer
a valid contract
A proposal made by one party that he or she is willing to enter a contract is known as
____________ - correct answer an offer
A contract that has no legal effect is known as __________ - correct answer void contract
Any agreement that is enforceable by law is known as ___________ - correct answer a contract
An unqualified agreement by the offeree to be bound by the offer is known as ___________ -
correct answer an acceptance
A contract that comes about by the acts of the parties is known as ____________ - correct
answer an implied contract
An offer that has been changed by the offeree is known as ____________ - correct answer
counteroffer
A contract stated in oral or written words is known as ___________ - correct answer an express
contract
A contract in which both parties make promises is known as ___________ - correct answer
bilateral contract
A contract in which one party makes a promise in exchange for an act is known as ___________
- correct answer unilateral contract
What are advertisements normally considered? - correct answer invitations to negotiate
