Law of Contracts Questions With Accurate Answers.
Dean and Michael have an oral contract. Dean said he would sell Michael his
bike in return for Michael's vinyl album collection. What does the record
collection represent?
-an executed contract
-a valid contract
-consideration
-michael's legal competence - accurate answers-consideration
Breanna signed a purchase offer stating she'd buy Kathy's home for $150,000.
Kathy rejected that offer but said she'd sell it to Breanna for $200,000.
Breanna agreed to these terms, and they added their signatures. Which of the
following statements is correct?
-Breanna accepted the offer Kathy made.
-Kathy accepted the offer Breanna made.
-The contract is invalid.
-The contract is valid but unenforceable. - accurate answers-Breanna accepted
the offer Kathy made.
Sondra thinks the new business contract she signed with her business partner
is valid. Both parties are legally competent, the contract has a legal purpose,
an offer was made and accepted, and a fee has been negotiated and
documented. Which essential element of a valid contract has Sondra not yet
considered?
-Whether consent was voluntary
-Whether the contract has been translated into all possible languages
-Whether the contract is in writing
-Whether the parties are over 21 - accurate answers-Whether consent was
voluntary
Which of the following describes a unilateral contract?
-One in which negotiations have stalled
-One in which only one party is obligated
-One that may only be filled once
,-One that requires one person to execute it - accurate answers-One in which
only one party is obligated
Bruno, a tenant, and Becka, the landlord, have entered into a nine-month lease
agreement. Per their agreement, Bruno will pay Becka a monthly amount in
exchange for using the property. What type of contract is this?
-This is an express contract because the specific terms of the agreement and
consideration to be exchanged are defined in words.
-This is an implied contract because it is based on the parties' actions or
behaviors and not defined in words.
-This is an invalid contract because it is missing the essential element of offer
and acceptance.
-This is a unilateral contract because only one party is providing anything of
value. - accurate answers-This is an express contract because the specific
terms of the agreement and consideration to be exchanged are defined in
words.
A contract is bilateral when ______.
-Both parties are obligated to act
-One party is a minor
-Only one party is obligated to act
-The contract hasn't been performed - accurate answers-Both parties are
obligated to act
Which of the following is an example of a unilateral contract?
-A car purchase
-A contest with a prize
-A restaurant order
-A sales contract - accurate answers-A contest with a prize
A contract in which the parties trade a promise for a promise is ______.
-Bilateral
-Unenforceable
-Unilateral
-Voided - accurate answers-Bilateral
,Contracts between a seller and a brokerage for the purpose of selling real
estate are in the form of ______.
-An express contract
-An implied contract
-An oral agreement
-No contract - accurate answers-An express contract
Brynn's listing agent told potential buyers that all offers on Brynn's property
would be considered at 5 p.m. on May 3. By that date and time, there were
four offers. The persons making these offers are the _______.
-Examiners
-Executors
-Offerees
-Offerors - accurate answers-Offerors
Which of the following is true of an express contract?
-It requires verbal agreement.
-It's illusory.
-It's implied.
-It's stated specifically. - accurate answers-It's stated specifically.
Contracts that must be in writing to be valid include contracts ______.
-For a cash reward
-For medical services rendered
-For personal services, such as manicures
-For the sale of real property - accurate answers-For the sale of real property
Which of the following is an example of a bilateral contract?
-A beauty pageant
-A contest with a prize
-An offer of a reward
-A sales contract - accurate answers-A sales contract
, Your 15-year-old son just signed a contract joining a health club, which costs
$50 a month. Is this contract valid?
-No, the contract is missing a legal object.
-No, the contract is missing offer and acceptance.
-No, the contract is void.
-Yes, the contract is valid. - accurate answers-Yes, the contract is valid.
What is the statute of frauds?
-A law that says dishonest contracts are void
-A law that says dishonest contracts are voidable
-A legal requirement that certain contracts list the elements of fraud
-A legal requirement that certain contracts must contain specific elements and
be in writing to be enforceable - accurate answers-A legal requirement that
certain contracts must contain specific elements and be in writing to be
enforceable
Kendra made an offer on Sam's property. Sam rejected Kendra's offer, but
made a counter-offer. Kendra is now considering the counter. What role does
Kendra have in this scenario?
-Examiner
-Executor
-Offeree
-Offeror - accurate answers-Offeree
Martin and Dean have entered into a sales contract. They are about two and a
half weeks into the transaction, with several terms of the agreement yet to be
met. What type of contract do Martin and Dean have?
-Bilateral
-Executed
-Executory
-Unilateral - accurate answers-Executory
A sales contract in which one or both parties have not yet completed the
terms of the contract is ____________.
Dean and Michael have an oral contract. Dean said he would sell Michael his
bike in return for Michael's vinyl album collection. What does the record
collection represent?
-an executed contract
-a valid contract
-consideration
-michael's legal competence - accurate answers-consideration
Breanna signed a purchase offer stating she'd buy Kathy's home for $150,000.
Kathy rejected that offer but said she'd sell it to Breanna for $200,000.
Breanna agreed to these terms, and they added their signatures. Which of the
following statements is correct?
-Breanna accepted the offer Kathy made.
-Kathy accepted the offer Breanna made.
-The contract is invalid.
-The contract is valid but unenforceable. - accurate answers-Breanna accepted
the offer Kathy made.
Sondra thinks the new business contract she signed with her business partner
is valid. Both parties are legally competent, the contract has a legal purpose,
an offer was made and accepted, and a fee has been negotiated and
documented. Which essential element of a valid contract has Sondra not yet
considered?
-Whether consent was voluntary
-Whether the contract has been translated into all possible languages
-Whether the contract is in writing
-Whether the parties are over 21 - accurate answers-Whether consent was
voluntary
Which of the following describes a unilateral contract?
-One in which negotiations have stalled
-One in which only one party is obligated
-One that may only be filled once
,-One that requires one person to execute it - accurate answers-One in which
only one party is obligated
Bruno, a tenant, and Becka, the landlord, have entered into a nine-month lease
agreement. Per their agreement, Bruno will pay Becka a monthly amount in
exchange for using the property. What type of contract is this?
-This is an express contract because the specific terms of the agreement and
consideration to be exchanged are defined in words.
-This is an implied contract because it is based on the parties' actions or
behaviors and not defined in words.
-This is an invalid contract because it is missing the essential element of offer
and acceptance.
-This is a unilateral contract because only one party is providing anything of
value. - accurate answers-This is an express contract because the specific
terms of the agreement and consideration to be exchanged are defined in
words.
A contract is bilateral when ______.
-Both parties are obligated to act
-One party is a minor
-Only one party is obligated to act
-The contract hasn't been performed - accurate answers-Both parties are
obligated to act
Which of the following is an example of a unilateral contract?
-A car purchase
-A contest with a prize
-A restaurant order
-A sales contract - accurate answers-A contest with a prize
A contract in which the parties trade a promise for a promise is ______.
-Bilateral
-Unenforceable
-Unilateral
-Voided - accurate answers-Bilateral
,Contracts between a seller and a brokerage for the purpose of selling real
estate are in the form of ______.
-An express contract
-An implied contract
-An oral agreement
-No contract - accurate answers-An express contract
Brynn's listing agent told potential buyers that all offers on Brynn's property
would be considered at 5 p.m. on May 3. By that date and time, there were
four offers. The persons making these offers are the _______.
-Examiners
-Executors
-Offerees
-Offerors - accurate answers-Offerors
Which of the following is true of an express contract?
-It requires verbal agreement.
-It's illusory.
-It's implied.
-It's stated specifically. - accurate answers-It's stated specifically.
Contracts that must be in writing to be valid include contracts ______.
-For a cash reward
-For medical services rendered
-For personal services, such as manicures
-For the sale of real property - accurate answers-For the sale of real property
Which of the following is an example of a bilateral contract?
-A beauty pageant
-A contest with a prize
-An offer of a reward
-A sales contract - accurate answers-A sales contract
, Your 15-year-old son just signed a contract joining a health club, which costs
$50 a month. Is this contract valid?
-No, the contract is missing a legal object.
-No, the contract is missing offer and acceptance.
-No, the contract is void.
-Yes, the contract is valid. - accurate answers-Yes, the contract is valid.
What is the statute of frauds?
-A law that says dishonest contracts are void
-A law that says dishonest contracts are voidable
-A legal requirement that certain contracts list the elements of fraud
-A legal requirement that certain contracts must contain specific elements and
be in writing to be enforceable - accurate answers-A legal requirement that
certain contracts must contain specific elements and be in writing to be
enforceable
Kendra made an offer on Sam's property. Sam rejected Kendra's offer, but
made a counter-offer. Kendra is now considering the counter. What role does
Kendra have in this scenario?
-Examiner
-Executor
-Offeree
-Offeror - accurate answers-Offeree
Martin and Dean have entered into a sales contract. They are about two and a
half weeks into the transaction, with several terms of the agreement yet to be
met. What type of contract do Martin and Dean have?
-Bilateral
-Executed
-Executory
-Unilateral - accurate answers-Executory
A sales contract in which one or both parties have not yet completed the
terms of the contract is ____________.
