Contract Info

What is a contract?

A legally binding agreement
A verbal agreement
An informal agreement
A written agreement

Which of the following elements are essential for a valid contract?

Offer and acceptance
Consideration
Legal capacity
All of the above

What is the purpose of including terms and conditions in a contract?

To confuse the parties involved
To protect the interests of both parties
To make the contract longer
To increase legal fees

Which of the following is NOT a type of contract?

Unilateral contract
Bilateral contract
Trilateral contract
Implied contract

What is the statute of frauds?

A law that requires certain contracts to be in writing
A law that prohibits contracts
A law that enforces verbal agreements
A law that applies only to digital contracts

What is an express contract?

A contract that is not written down
A contract that is implied by conduct
A contract that is explicitly stated
A contract that is not legally binding

What is consideration in a contract?

The payment made for the contract
The exchange of promises between parties
The legal capacity of the parties
The intention to create legal relations

What is the difference between void and voidable contracts?

Void contracts are illegal, voidable contracts are unenforceable
Void contracts are unenforceable, voidable contracts are illegal
Void contracts lack consideration, voidable contracts lack offer and acceptance
Void contracts have no legal effect, voidable contracts can be canceled

What is the Parol Evidence Rule?

A rule that allows oral evidence in court
A rule that prohibits oral evidence to contradict a written contract
A rule that requires witnesses in contract disputes
A rule that allows any evidence in court

What is a breach of contract?

A minor disagreement between parties
A failure to perform obligations under the contract
A change in the terms of the contract
A termination of the contract

What is specific performance in contract law?

A monetary compensation for breach of contract
A court order to perform specific obligations under the contract
A termination of the contract
An extension of the contract period

What is an assignment of contract?

A transfer of rights and obligations under the contract
A cancellation of the contract
A change in the terms of the contract
A termination of the contract

What is the difference between novation and assignment in contracts?

Novation involves a new party taking over the contract, assignment does not
Assignment involves a new party taking over the contract, novation does not
Novation cancels the contract, assignment transfers rights only
Assignment cancels the contract, novation transfers rights only

What is the principle of privity of contract?

The parties to a contract are the only ones bound by it
Any third party can enforce a contract
Contracts are public documents
Contracts can be modified by anyone

What is a force majeure clause in a contract?

A clause that allows for termination of the contract
A clause that excuses performance due to unforeseen events
A clause that requires payment in advance
A clause that extends the contract period

What is the purpose of a merger clause in a contract?

To merge two contracts into one
To prevent parties from claiming other agreements exist
To allow for future amendments to the contract
To allow for termination of the contract

What is the doctrine of substantial performance in contract law?

The requirement to perform all obligations under the contract
The requirement to perform some obligations under the contract
The requirement to perform perfectly under the contract
The requirement to perform in good faith under the contract

What is the difference between a unilateral and bilateral contract?

Unilateral contracts involve one party making a promise, bilateral contracts involve promises from both parties
Bilateral contracts involve one party making a promise, unilateral contracts involve promises from both parties
Unilateral contracts have no consideration, bilateral contracts have consideration
Bilateral contracts are verbal, unilateral contracts are written

What is the mailbox rule in contract law?

The rule that allows contracts to be mailed
The rule that considers an acceptance effective upon mailing
The rule that requires contracts to be sent by mail
The rule that allows for electronic contracts

What is the difference between a fixed-term and indefinite contract?

Fixed-term contracts have no end date, indefinite contracts have a specific end date
Fixed-term contracts have a specific end date, indefinite contracts do not have a specific end date
Fixed-term contracts cannot be terminated, indefinite contracts can be terminated anytime
Fixed-term contracts are verbal, indefinite contracts are written

Contract Info

Contract Info

Adam Palmer 21/03/2025

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