Session:7 Contract Law
Assessment Questions
Business Law I Essentials | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/business-law-i-essentials
2. The elements of a contract include all but the following element:
- Offer and acceptance.
- Consideration.
- Capacity.
- Promissory Estoppel.
3. What are the ways an agreement can be invalidated?
- Fraud.
- Misrepresentation.
- Undue influence.
- All of the above.
5. Consideration may include any of the following except:
- A promise.
- A gift.
- Property.
- Money.
7. Which of the following is most likely to be classified as a necessity for which a minor will be held liable on a contract?
- A television.
- School supplies.
- Education.
- Food.
8. A minor can avoid a contract to purchase a car if:
- The car has been destroyed.
- The car has been damaged.
- He or she grows tired of it.
- All of the above.
10. Examples of illegal contracts include all but the following:
- Contracts for the sale or distribution of heroin.
- Contracts for loansharking.
- Contracts in consideration of marriage.
- Employment contracts for the hiring of undocumented workers.
12. Typical remedies available for a breach of contract include:
- Money damages.
- Rescission.
- Specific Performance.
- All of the above.
14. Courts of equity will not grant specific performance of contracts:
- For a personal service contract.
- For the sale of real estate.
- For the sale of the original manuscript of a rare edition book.
- All of these are correct.