Contract Essentials Quiz

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What are the four elements that the complaining party must prove to show that a contract existed?

Offer 2. Consideration 3. Acceptance 4. Legal capacity

What is the first question a judge must answer when a party files a suit claiming a breach of contract?

Whether a contract existed between the parties.

Define 'offer' in the context of a contract.

One of the parties made a promise to do or refrain from doing some specified action in the future.

What is 'consideration' in a contract?

<p>Something of value that was promised in exchange for the specified action or nonaction.</p> Signup and view all the answers

How does consideration distinguish a contract from a gift?

<p>Consideration is the value that induces the parties to enter into the contract, whereas a gift is a voluntary and gratuitous transfer of property without any consideration.</p> Signup and view all the answers

Contract Essentials Quiz

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Questions and Answers

What are the four elements that the complaining party must prove to show that a contract existed?

What is the first question a judge must answer when a party files a suit claiming a breach of contract?

Define 'offer' in the context of a contract.

What is 'consideration' in a contract?

How does consideration distinguish a contract from a gift?

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