Exam 7: Introduction to Contracts

Entering into a contract with persons of legal age and normal mentality are considered within the element of:

A written contract can be a handwritten note.

All but one of the following elements is required of an enforceable contract.The exception is:

A divisible contract is made up of two or more parts,each part being independent of the others.

To be legally enforceable,a contract must contain any three of the five elements - offer and acceptance,mutual agreement,consideration,competent parties,and legality of purpose.

The law requires a particular form and language to be used in all contracts.

The element of proper form requires that a contract for the sale of goods over $100 or less should be in writing.

A simple contract is defined as an informal contract made under seal.

A promise to give up something of value that a person has a legal right to keep or to agree to do something that he is not legally required to do is known as consideration.

A written contract can also be known as:

If only one party promises something,such as paying a certain amount of money,and the other party promises nothing,then the agreement lacks:

An indication made by the offeree that he or she agrees to be bound by the terms of the offer is known as:

Certain contracts,such as those involving the sale of personal property for $500 or more:

A contract may be extended and revised as needed to reflect the wishes of the parties.

It is usually advisable to make a contract in oral when the transaction is important and involves a large amount of money.

Define "contract" and state the elements of a valid contract.

A(n)_____ contract is an agreement that results in an obligation that is legally enforceable.

The meaning of an implied contract is drawn from the:

Competent parties can be of any age as long as they understand the terms of a contract.

An entire or indivisible contract can contain only two parts,and each is required to be independent of the other.