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B.Com-LLB Contract Law Basics — practice questions

Explore 30 free Contract Law Basics questions in B.Com-LLB Legal Studies. Open each question or exercise to read its content, reference answers and available explanation.

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Contract Law Basics questions and exercises with answers

Showing questions 1–30 of 30.

Two firms sign an agreement the courts will enforce. Such an agreement is a:Read the answer and worked solution →A proposal showing an intent to enter a contract is called an:Read the answer and worked solution →Agreeing to be bound by all the terms proposed is called:Read the answer and worked solution →A buyer says yes but changes one term. Acceptance fails because it must cover:Read the answer and worked solution →Genuine agreement can be destroyed by mistake, duress, undue influence and:Read the answer and worked solution →Something of value promised in exchange for something else of value is:Read the answer and worked solution →Consideration does not have to be money. It can also be property, a right or a:Read the answer and worked solution →A studio sells equipment to a buyer. The buyer's consideration is the:Read the answer and worked solution →Before a contract binds, each party must have the legal ability to contract, known as:Read the answer and worked solution →Unless something suggests otherwise, the law presumes a person signing a contract has:Read the answer and worked solution →Three classes are presumed to lack capacity: the mentally ill, the intoxicated and:Read the answer and worked solution →A minor signs a contract. The agreement is treated as:Read the answer and worked solution →When a contract is voidable, the party lacking capacity may end it or:Read the answer and worked solution →The voidable rule exists in order to:Read the answer and worked solution →In most states a person under which age lacks capacity to contract?Read the answer and worked solution →A minor who signed at 16 turns 18 and keeps taking payments. She can now:Read the answer and worked solution →Courts test mental capacity by asking whether the party understood the contract's:Read the answer and worked solution →A man gets drunk of his own choice and signs a deal. Courts usually find he had:Read the answer and worked solution →A contract may still be voided by an intoxicated party if he could not understand its:Read the answer and worked solution →An agreement made in order to break the law is:Read the answer and worked solution →Someone promises money for a murder and is not paid. A court will:Read the answer and worked solution →One party acts in reliance on a promise and suffers loss. The doctrine that helps is promissory:Read the answer and worked solution →Catch the contract partsRead the answer and worked solution →Pop the agreement killersRead the answer and worked solution →Run the contract gatesRead the answer and worked solution →Slice the contract wordsRead the answer and worked solution →Enforceable or notRead the answer and worked solution →Sort the contract ideasRead the answer and worked solution →Type the numberRead the answer and worked solution →Contract law bingoRead the answer and worked solution →

Worked practice questions

Two firms sign an agreement the courts will enforce. Such an agreement is a:

  1. Contract
  2. Contour
  3. Contest
  4. Content
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Correct answer: A. Contract

1. Two or more parties have agreed. 2. The law will stand behind the promise. 3. That is a contract. _Source: OpenStax Business Law I Essentials 2e, Chapter 7, Contract Law._

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A proposal showing an intent to enter a contract is called an:

  1. Outlay
  2. Offer
  3. Order
  4. Organ
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Correct answer: B. Offer

1. One side speaks first. 2. The proposal shows a willingness to be bound. 3. That first step is an offer. _Source: OpenStax Business Law I Essentials 2e, Chapter 7, Contract Law._

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Agreeing to be bound by all the terms proposed is called:

  1. Acceptance
  2. Attendance
  3. Assistance
  4. Allowance
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Correct answer: A. Acceptance

1. The second party must say yes. 2. Consent must cover every term. 3. That is acceptance. _Source: OpenStax Business Law I Essentials 2e, Chapter 7, Contract Law._

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