Question 1

Under a void contract there are no legal rights or obligations.

Accepted Answer

A) True 
 B)False

Question 2

A contract for the sale of land that is not evidenced in writing will be:

Accepted Answer

A) void. 
B) unenforceable. 
C) voidable. 
D) executory.

Question 3

A wholly written contract establishes which classification of contract?

Accepted Answer

A) An executory contract. 
B) A contract of record. 
C) An executed contract. 
D) An express contract.

Question 4

A contract is always an agreement but an agreement is not always a contract.

Accepted Answer

A) True 
 B)False

Question 5

What is the difference between a formal contract and a simple contract? Provide examples of each.

Accepted Answer

The answer of What is the difference between a formal...

Question 6

Which of the following is NOT an example of a contract?

Accepted Answer

A) The payment of tax. 
B) The hiring of an employee. 
C) The purchase of food from a takeaway restaurant. 
D) The lease of a house.

Question 7

British and Australian courts over the centuries have been willing to extend and modify the rules of contract law to apply them to new technologies such as the telephone and facsimile.Why do you think that the application of contract law to online transactions required the passing of specific Electronic Transactions legislation?

Accepted Answer

The answer of British and Australian courts over the centuries...

Question 8

A 'formal contract' is best described by which of these statements?

Accepted Answer

A) A contract that does not require a special form but must have consideration present. 
B) A contract created by conduct or the actions of parties. 
C) A contract created by written or oral words. 
D) A contract that requires a special form or method of creation.

Question 9

In contract law,a promisor is the person who makes the promise,and the promisee is the person to whom the promise is made.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following statements is the best description of a 'void' contract?

Accepted Answer

A) The contract remains valid and binding unless and until it is repudiated by the injured party. 
B) There are no legal rights or obligations from the outset,and the contract cannot be enforced by either party. 
C) While the contract is valid on its face,no legal action can be brought on it. 
D) The purpose of the contract contravenes a statute or the common law.

Question 11

In the context of contract law,which of the following best describes the element of 'agreement'?

Accepted Answer

A) Something of value passing from one party to another in return for a promise to do something. 
B) An offer by one party and an acceptance by the other. 
C) The parties must intend that their promises create legally enforceable obligations. 
D) All of the above.

Question 12

What are the elements that are necessary for the creation of a valid simple contract?

Accepted Answer

The answer of What are the elements that are necessary...

Question 13

In the context of contract law,which of the following best describes the element of 'consideration'?

Accepted Answer

A) Something of value passing from one party to another in return for a promise to do something. 
B) An offer by one party and an acceptance by the other. 
C) The parties must intend that their promises create legally enforceable obligations. 
D) All of the above.

Question 14

Which of the following statements is the best description of a 'voidable' contract?

Accepted Answer

A) The contract remains valid and binding unless and until it is repudiated by the injured party. 
B) There are no legal rights or obligations from the outset,and the contract cannot be enforced by either party. 
C) While the contract is valid on its face,no legal action can be brought on it. 
D) The purpose of the contract contravenes a statute or the common law.

Question 15

A simple contract requires which of the following elements?

Accepted Answer

A) Genuine consent. 
B) Consideration. 
C) Legality of purpose and form. 
D) Legal capacity.

Question 16

Acceptance of an e-contract occurs when the buyer clicks on the 'Send' button.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is the best description of an 'illegal' contract?

Accepted Answer

A) The contract remains valid and binding unless and until it is repudiated by the injured party. 
B) There are no legal rights or obligations from the outset,and the contract cannot be enforced by either party. 
C) While the contract is valid on its face,no legal action can be brought on it. 
D) The purpose of the contract contravenes a statute or the common law.

Question 18

Which of the following is NOT required to bring a simple contract into existence?

Accepted Answer

A) There must be genuine consent. 
B) There must be an agreement. 
C) There must be valuable consideration. 
D) There must be a real intention to be bound.

Question 19

A valid contract is one which can be enforced by both parties.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following statements is the best description of an 'unenforceable' contract?

Accepted Answer

A) The contract remains valid and binding unless and until it is repudiated by the injured party. 
B) There are no legal rights or obligations from the outset,and the contract cannot be enforced by either party. 
C) While the contract is valid on its face,no legal action can be brought on it. 
D) The purpose of the contract contravenes a statute or the common law.

Exam 6: Introduction to Contracts

Under a void contract there are no legal rights or obligations.

A contract for the sale of land that is not evidenced in writing will be:

A wholly written contract establishes which classification of contract?

A contract is always an agreement but an agreement is not always a contract.

What is the difference between a formal contract and a simple contract? Provide examples of each.

Which of the following is NOT an example of a contract?

A 'formal contract' is best described by which of these statements?

In contract law,a promisor is the person who makes the promise,and the promisee is the person to whom the promise is made.

Which of the following statements is the best description of a 'void' contract?

In the context of contract law,which of the following best describes the element of 'agreement'?

What are the elements that are necessary for the creation of a valid simple contract?

In the context of contract law,which of the following best describes the element of 'consideration'?

Which of the following statements is the best description of a 'voidable' contract?

A simple contract requires which of the following elements?

Acceptance of an e-contract occurs when the buyer clicks on the 'Send' button.

Which of the following is the best description of an 'illegal' contract?

Which of the following is NOT required to bring a simple contract into existence?

A valid contract is one which can be enforced by both parties.

Which of the following statements is the best description of an 'unenforceable' contract?