Business Law: Contracts Exam Questions With Accurate
Solutions.
Contract - accurate answers-a set of legally enforceable promises
elements of a contract - accurate answers-agreement, consideration,
contractual capacity, and a legal object
offeror/promiser - accurate answers-person making the offer
offeree/promisee - accurate answers-person accepting/denying the offer
agreement - accurate answers-element of contract that consists of an offer by
the offeror to enter into a contract, and an acceptance of the terms of the offer
by the offeree.
consideration - accurate answers-element of contract that is the bargained-for
exchange
contractual capacity - accurate answers-element of contract that is the legal
ability to enter into a binding agreement (those without ability include being
under the age of majority, intoxicated, or mental ill)
legal object - accurate answers-element of contract that states the contract
cannot be either illegal or against public property
defenses to elements of a contract - accurate answers-lack of genuine assent,
lack of proper form
lack of genuine assent - accurate answers-defense to the agreement element
of a contract in which the offeree claims that the offeror secured the
agreement through improper means (duress, fraud, undue influence or
misrepresentation)
lack of proper form - accurate answers-contract lacks a writing
Solutions.
Contract - accurate answers-a set of legally enforceable promises
elements of a contract - accurate answers-agreement, consideration,
contractual capacity, and a legal object
offeror/promiser - accurate answers-person making the offer
offeree/promisee - accurate answers-person accepting/denying the offer
agreement - accurate answers-element of contract that consists of an offer by
the offeror to enter into a contract, and an acceptance of the terms of the offer
by the offeree.
consideration - accurate answers-element of contract that is the bargained-for
exchange
contractual capacity - accurate answers-element of contract that is the legal
ability to enter into a binding agreement (those without ability include being
under the age of majority, intoxicated, or mental ill)
legal object - accurate answers-element of contract that states the contract
cannot be either illegal or against public property
defenses to elements of a contract - accurate answers-lack of genuine assent,
lack of proper form
lack of genuine assent - accurate answers-defense to the agreement element
of a contract in which the offeree claims that the offeror secured the
agreement through improper means (duress, fraud, undue influence or
misrepresentation)
lack of proper form - accurate answers-contract lacks a writing
