Icon academy contract quiz

ICON ACADEMY

Name: __________________________________________ Date: _______________

Quiz name: Contract Law

1. What does it mean when individuals have a contract in place?

A Parties are bound to the lawyer that drafted the contractB There is always a written document to which parties must referC Parties have agreed to be bound by mutually agreed on conditionsD The offer cannot be withdrawn for any reason

2. Which of the following is not an element of a contract?

A A legally drafted documentB legal capacity of the parties to actC legality of the agreementD consideration to be paid for the promise made

3. Why does the law of contracts exist?

A To protect the earning of profitB To allow for the prosecution of offendersC to provide a legal framework of protectionD to fine untrustworthy individuals

4.Jim is the owner of a shop. He places a notice on the window advertising the sale of batteries at halfprice. Is the notice:

A An invitation to treat?B A contractual offer?C A unilateral offer?D A completed contract?

5. Consideration can be described as:

A Conscientious dealingB An exchange of valuable promisesC The need to pay in cashD The opposite of an offer