Business Law 2.01 - Elements And Characteristics Of A Contract - Part 2 Question Preview (ID: 16252)


Contracts - Part 2. TEACHERS: click here for quick copy question ID numbers.

A threat against a person's business would violate which ELEMENT?
a) Genuine Agreement
b) Capacity
c)
d)

Agreeing to give false testimony violates which ELEMENT?
a) Legality
b) Consideration
c)
d)

After being threatened at gun point, Dale cancels his contract based on which part of genuine agreement?
a) Duress
b) Unilateral Mistake
c)
d)

When Donnie, Matt, and Steve, all age 15 enter into a contract, what term describes this type of contract?
a) Valid
b) Voidable
c)
d)

Betty lost her wallet at a school ballgame. She offers a reward of $25 to anyone who returns the wallet. What type of contract is this?
a) Unilateral
b) Implied
c)
d)

John sold a watch he owned. What term is used to identify the watch in this transaction?
a) Detriment
b) Forebearance
c)
d)

Carol gives up her legal right to sue Janice. What term describes this situation?
a) Detriment
b) Forebearance
c)
d)

Samantha decides to sell Joanne her music collection for $550. Both sign a written contract, but Joanne orally promises to add 2 more items to the collection after signing the contract. What law required the contract to be in writing?
a) Statute of Frauds
b) Statute of Limitations
c)
d)

John proposes to sell his car to Jan for $500. What element did John propose?
a) Offer
b) Acceptance
c)
d)

John agreeing to Jason's proposal to sell his car is which element?
a) Offer
b) Acceptance
c)
d)

If the offeror mails an offer to the offeree, and the offeree faxes the acceptance, when will the offer go into affect?
a) When received
b) When sent
c)
d)

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