Contract law consideration multiple choice questions

  • Under what circumstances is a contract voidable?

    A voidable contract is a formal agreement between two parties that may be rendered unenforceable for any number of legal reasons, which may include: Failure by one or both parties to disclose a material fact.
    A mistake, misrepresentation, or fraud.
    Undue influence or duress..

  • What are the rules of consideration in contract law?

    The key principles of consideration in contract law are: .

    1. It must have value;
    2. It must be negotiated and agreed upon by both parties;
    3. It must be something that the law regards as having value;
    4. It must be present or future, not past

  • What is a legally enforceable agreement between two or more parties called ): multiple choice question?

    A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty.
    A legally enforceable contract requires the following elements, all of which are discussed in more detail below..

  • What is an executed consideration Mcq?

    The correct answer is option 'C', which states that an Executed Consideration is an act done in response to a positive promise.
    Here's an explanation of why this answer is correct: 1.
    An Act Done.
    Executed consideration involves an actual act or performance rather than a promise..

  • What is the principle of multiple choice question?

    14 RULES FOR WRITING MULTIPLE-CHOICE QUESTIONS.Use Plausible Distractors (wrong-response options) Use a Question Format. Emphasize Higher-Level Thinking. Emphasize Higher-Level Thinking (continued) Keep Option Lengths Similar. Balance the Placement of the Correct Answer. Be Grammatically Correct..

  • What must consideration be in a contract law?

    In order to be valid, consideration must have: legally sufficient value: each party's consideration has to be equivalent in value, not an illegal act, and not something where there is already the legal obligation to do so. bargained for: both parties agree to gain a reward and receive a detriment..

  • Consideration is the value that induces the parties to enter into the contract.
    The existence of consideration distinguishes a contract from a gift.
    A gift is a voluntary and gratuitous transfer of property from one person to another, without something of value promised in return.
  • Executory consideration consists of a promise to do something in return for a like promise.
    It is an exchange of promises, e.g. a promise to carry out some work in return for a promise of payment.

How long does a woman have a valid option contract?

(C) The parties have a valid option contract for four months, after which time the woman may not accept the offer, and during the first three months of which the caterer may not revoke the offer. (D) The parties do not have a valid option contract.

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Is a firm offer a valid option contract?

(C) Yes, because there was a valid firm offer. (D) Yes, because there was a valid option contract, A woman visited a car dealership and found a convertible that she wished to purchase.
The car was selling for $30,000, but the woman did not have enough money at the time to buy it.

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Skills Practiced

This worksheet and quiz let you practice the following skills:.
1) Reading comprehension- ensure that you draw the most important information from the related lesson on consideration in contract law.
2) Interpreting information- verify that you can read information regarding legal contracts and interpret what the most important issue is.
3) Informatio.

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What does consideration in a contract mean?

Consideration in a contract means that:

  • A person has themental capacity to enter into a contract.
    The two parties deal with the contract in a polite manner.
    The contract is legal and fully valid.
    Something of value is being exchanged by the two parties. 22.
    • ,

    What happens if an offer is met with a valid acceptance?

    If a valid offer is met with a valid acceptance, the result is misrepresentation b. genuine agreementc. legality d. capacity People sometimes enter into _________________ contracts without saying a word. voidable b. express c. unenforceable d. implied The offeree’s refusal, or ______________, of an offer ends that offer.


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