What is a Contract? (Chapter4)

Nasca 2010

100 100 100 100

200 200 200 200

300 300 300 300

400 400 400 400

500 500 500 500

What is a Contract?(Chapter4)

Elements of a Contract(Chapter 5)

What is a Contract?(Chapter 4)

How Contracts Come to an End

(Chapter 6)

The taking back of an offer by the offeror is 

cancellation. consideration.

rejection. revocation.

revocation

100

A contract that contains a promise by both parties is

bilateral. express. implied.

unilateral.

bilateral.

200

To be effective, an offer must be communicated to the

attorney. lender.

 offeree. offeror.

 offeree.

300

In contract law, consideration can be defined as

anyone who enters into a legal contract has the ability to do so.

contracts that involve illegal acts are not allowed. both parties communicating clearly when entering into a

contract. the thing of value promised in exchange for something

else of value.

the thing of value promised in exchange for something else of value.

400

In order for the acceptance to be legally binding, it must be

unconditional and follow the rules regarding the

method of acceptance. made in person and follow the rules regarding the

method of acceptance. unconditional and in writing by the offeror and offeree.

made in person and in writing by the offeree.

unconditional and follow the rules regarding the method

of acceptance. 500

A contract that comes about from the actions of the parties

implied contract

100

Any agreement enforceable by law

contract

200

A response to an offer that changes the terms of the original offer

counteroffer

300

Proposal by one party to another party to enter into a contract

offer

400

A contract stated in words; may be oral or written

express contract

500

The age of majority in most states is

16. 18. 20. 21.

18

100

When a minor disaffirms a contract, the merchandise received upon entering the contract

should be

paid for. returned. ratified.

undamaged.

returned

200

A minor who claims to be over the age of majority commits

extortion. fraud.

larceny by false pretenses. misrepresentation.

fraud

300

A court may refuse to enforce a contract that it finds

illusory. inadequate.

fair. unconscionable.

unconscionable

400

A minor is held responsible for the fair value of

athletic shoes. CDs.

medical care. video games.

medical care

500

When a contract ends, it is said to be

avoided discharged. released. tendered.

discharged

100

The act of destroying someone's free will by force, threat of force, or bodily harm is called

 duress. libel.

undue influence. slander.

duress

200

A deliberate deception to secure unfair or unlawful gain is called

a unilateral mistake. fraud. libel.

misrepresentation.

fraud.

300

If what seems to be a valid contract turns out not to be, the contract is

deceptive.defective. fraudulentmistaken.

defective.

400

Threats of a business nature that cause a person to enter into a contract without real consent would

qualify as

duress. economic duress.

fraud. undue influence.

economic duress

500