Law of Contracts Basics Quiz

An offer and acceptance can be affected by mistake, misrepresentation, duress, consideration, capacity, consent, legality, performance, and breach.

Once an offer is accepted, a contract is immediately formed.

Mistake made by either the offeror or the offeree can make the contract void.

Misrepresentation made by either the offeror or the offeree can make the contract voidable.

Duress experienced by the offeror can make the contract voidable.

Consent must be freely given and not obtained through fraud, duress, or undue influence.

Performance and breach are not significant factors in determining the validity of a contract.

Service contracts involve the sale of goods from one party to another.

Loan agreements involve the loan of money from one party to another.

Courts play no role in determining contract validity and resolving contract disputes.

An offer is a statement by the offeror to the offeree expressing willingness to enter into a contract on certain terms?

In contract law, acceptance must be communicated to the offeror and made within an unreasonable time?

For a contract to be formed, both the offeror and the offeree must have the intention to create legal relations?

Consideration in a contract can only be money?

An offer and acceptance are essential elements for the formation of a contract?

The performance of a contract is not governed by contract law?