CONTRACT LAW EXAM 2025 WITH ACCURATE
SOLUTIONS
1. Describe the significance of a counteroffer in the context of
contract negotiations.
A counteroffer indicates acceptance of the original offer
without changes.
A counteroffer is a formal acceptance of the
original offer. A counteroffer is irrelevant to
contract negotiations.
A counteroffer signifies that the offeree has rejected the
original offer and is proposing new terms.
2. When no time is stated, an offer
continues until acceptance
takes place.
indefinitely.
for 30
days.
until the expiration of a reasonable time.
3. All contracts can be categorized as either ________ or__contracts.
equilateral;
trilateral bilateral;
equilateral
unilateral;
, equilateral
bilateral; trilateral
unilateral; bilateral
4. What is a characteristic of a void
contract? It requires mutual
consent to be valid.
It is valid until one party chooses to void it.
, It can be enforced at the discretion of one party.
It has no legal effect.
5. Which of these can terminate an offer?
Death or insanity of either party ends the
offer Rejections
Counteroffer
All of the above
6. If a seller makes an offer to sell a car without specifying a
time limit, and the buyer takes two months to respond, what
is the legal status of the offer?
The offer is still valid for acceptance.
The seller can revoke the offer at any time regardless
of the buyer's response.
The offer is only valid if the buyer responds within one
week. The offer has expired and cannot be
accepted.
7. Describe the characteristics that distinguish an implied
contract from other types of contracts.
An implied contract is only valid if both parties sign a
document.
An implied contract requires a written agreement to be
enforceable.
An implied contract is formed by the actions or conduct
of the parties rather than written or spoken words.
An implied contract is a type of unilateral contract.
8. An agreement that is enforced by law is known as a/an:
, Contract
SOLUTIONS
1. Describe the significance of a counteroffer in the context of
contract negotiations.
A counteroffer indicates acceptance of the original offer
without changes.
A counteroffer is a formal acceptance of the
original offer. A counteroffer is irrelevant to
contract negotiations.
A counteroffer signifies that the offeree has rejected the
original offer and is proposing new terms.
2. When no time is stated, an offer
continues until acceptance
takes place.
indefinitely.
for 30
days.
until the expiration of a reasonable time.
3. All contracts can be categorized as either ________ or__contracts.
equilateral;
trilateral bilateral;
equilateral
unilateral;
, equilateral
bilateral; trilateral
unilateral; bilateral
4. What is a characteristic of a void
contract? It requires mutual
consent to be valid.
It is valid until one party chooses to void it.
, It can be enforced at the discretion of one party.
It has no legal effect.
5. Which of these can terminate an offer?
Death or insanity of either party ends the
offer Rejections
Counteroffer
All of the above
6. If a seller makes an offer to sell a car without specifying a
time limit, and the buyer takes two months to respond, what
is the legal status of the offer?
The offer is still valid for acceptance.
The seller can revoke the offer at any time regardless
of the buyer's response.
The offer is only valid if the buyer responds within one
week. The offer has expired and cannot be
accepted.
7. Describe the characteristics that distinguish an implied
contract from other types of contracts.
An implied contract is only valid if both parties sign a
document.
An implied contract requires a written agreement to be
enforceable.
An implied contract is formed by the actions or conduct
of the parties rather than written or spoken words.
An implied contract is a type of unilateral contract.
8. An agreement that is enforced by law is known as a/an:
, Contract
