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4.28.25 Contracts Exam Multiple Choice

Last updated about 2 hours ago

9 questions

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Question 1

1.

A valid, enforceable bilateral contract has been formed, and both parties are bound once

there is an offer, acceptance, and consideration.

there is an offer, acceptance, consideration, and both parties have completed their part of the bargain.

there is an offer and acceptance.

there is an offer and consideration.

Question 2

2.

Sally forms a contract with Bill to shoot Sam in return for $5000. This contract is

voidable.

unenforceable.

formal.

void.

Question 3

3.

Mark, a minor, agrees to rent an apartment for a year. The landlord is an adult. The contract is

voidable by the landlord.

voidable by Mark.

voidable by either the landlord or Mark.

void.

Question 4

4.

Juan verbally agrees to buy a piece of real estate from Jack for $5,000. This contract is

void.

voidable.

unenforceable.

informal.

Question 5

5.

The three essential contract elements are

offer, acceptance, and a writing.

offer, acceptance, and consideration.

offer, consideration, and a writing.

acceptance, consideration, and a writing

Question 6

6.

To be definite and enforceable, under the common law, an offer must contain information on at least

the parties, the price, the place of performance, and the time for performance.

the parties, the subject matter of the contract, the price, the place of performance, and the time for performance.

the parties, the price, and the time for performance.

the parties, the subject matter of the contract, the price, and the time for performance.

Question 7

7.

Marv offered to sell his watch to Mitch for $150. Mitch said, "Great. I'll take it, but I will only pay you $125 for it."

Mitch's response was a rejection and a counteroffer.  For a valid contract to be formed, Marv must now accept Mitch's offer.

A contract has been formed for the sale of the watch for $125.

A contract has been formed for the sale of the watch for $150.

A contract has been formed, but the parties will still have to negotiate to reach an agreed upon price

Question 8

8.

Sarah, an art collector, enters into a contract with John, a renowned painter, to purchase one of John's unique paintings titled "Eternal Sunrise." The contract specifies that John will deliver the painting to Sarah within 30 days for $50,000.
John later decides he wants to keep the painting and refuses to deliver it, offering to refund Sarah's $50,000 instead. Sarah wants the painting, what should she request from a court as relief?

Damages

Restitution

Specific Performance

Recission

Question 9

9.

Which of the following is a common ground for rescission of a contract?

A) A minor delay in performance by one party.

B) A mutual mistake of fact by both parties. 

C) A party simply deciding they no longer wish to perform. 

D) The contract being inconvenient to fulfill.