Contract Law Fundamentals
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Questions and Answers

Which of the following is NOT a factor for a valid contract?

  • Formality (correct)
  • Legal capacity
  • Mutual agreement
  • Consideration

    • What type of contracts must be in writing to be considered valid?

  • Oral contracts
  • Certain verbal agreements
  • Employment contracts
  • Leases longer than three years (correct)

    • Who lacks the legal capacity to form a contract based on the text provided?

  • Married individuals (correct)
  • Intoxicated persons
  • Minors
  • Parents of minors

    • What is the principle that states only parties to a contract are bound by it?

    <p>Privity of contract</p> Signup and view all the answers

    Which of the following types of contracts must involve a written record according to the text?

    <p>Third party guarantee of another's debt</p> Signup and view all the answers

    Why is it beneficial to have a written record of a contract according to the text?

    <p>To make the contract more enforceable</p> Signup and view all the answers

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