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2.01 Understand Elements And Characteristics Of Contract Law
Test Description: Have fun learning new terms!
Instructions: Answer all questions to get your test result.
1) Unqualified willingness by the offeree to go along with the offer
A
ACCEPTANCE
B
Offer
C
Consideration
2) Proposal by one party to another with intent to create a legal binding agreement
A
Consideration
B
OFFER
C
CAPACITY
3) Offer made to this person
A
Offeror
B
Offeree
4) Makes the offer
A
Offeror
B
REFEREE
C
Offeree
5) Taking back of an offer by offeror
A
Death
B
Revocation
C
Counteroffer
D
Rejection
6) Rejection is defined as...
A
Insanity
B
Refusal by the offeree
C
Death
7) Counteroffer is defined as...
A
Any change in the terms of the offer
B
If the offeror puts a time limit on the offer and it has passed
C
Offeror is declared insane
8) If the offeror puts a time limit on the offer and it has passed
A
Expiration of Time
B
Revocation
C
Death
9) The offeree gives the offeror something of value in return for a promise to keep the offer open for a set period of time
A
Firm Offer
B
Option
C
Acceptance
10) Acceptance
A
Mirror Image Rule
B
Unqualified willingness by the offeree to go along with the offer
C
Bilateral Acceptance
11) Offer is accepted by offeree through communication of the promise to the offeror
A
Unilateral Acceptance
B
Silence as Acceptance
C
Bilateral Acceptance
12) Silence as Acceptance is defined as..
A
Most offers are bilateral
B
Offeror promises something in return for offeree’s performance and indicates that performance represents acceptance
C
Does not represent acceptance
13) A valid offer has been made by the offeror, and a valid acceptance has been exercised by the offeree
A
Duress
B
Undue Influence
C
Genuine Agreement (Assent)
14) Undue Influence is defined as..
A
An error on the part of one of the parties
B
Unfair and improper persuasive pressure within a relationship of trust
C
Overcoming a person’s free will by use of force or by threat of force or bodily harm
15) Unilateral Mistake
A
Both parties are mistaken about an important fact
B
An error on the part of one of the parties
C
Innocent statement of supposed fact that turns out to be false
16) ______________- is Innocent Misrepresentation
A
Untrue statement of fact
B
Party to a contract deliberately makes an untrue statement of fact
C
Innocent statement of supposed fact that turns out to be false
17) Untrue statement of fact
A
Proving Fraudulent Misrepresentation
B
Fraudulent Misrepresentation
18) Legal ability to enter into a contract
A
CONSIDERATION
B
Capacity
C
Illusory Promises
19) ___________________ is Illusory Promises
A
severing of the parent-child relationship
B
Clause or wording that allows party to escape from legal obligation
C
Lacking the ability to understand the consequences of his or her contractual acts
20) Illegal Contracts
A
Statute of Frauds
B
Legality
C
Void contract
*select an answer for all questions
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