Free Certified Professional Contract Manager: Contract Law and Legal Frameworks Questions and Answers

Question 1

Which among the options is not an obligatory component of a contract?

Accepted Answer

Cash Value Exchange

Answer

Consideration

Answer

Mutual Assent

Answer

Offer and Acceptance

Question 2

Individual's capacity to fulfill the prerequisites necessary for engaging in enforceable agreements.

Accepted Answer

Capacity

Answer

Consideration

Answer

Offer and Acceptance

Answer

Mutual Assent

Question 3

An agreement between two parties involving unlawful actions is not legally binding.

Accepted Answer

TRUE

Answer

FALSE

Answer

Maybe

Answer

None of the above

Question 4

Under what conditions does a minor possess the ability to enter into a contract?

Accepted Answer

For necessities like food, clothing, and lodging

Answer

It depends on the state you live in

Answer

Always

Answer

Only valid on contracts valuing over $1 Million

Question 5

What is the specific term for the document utilized to present an offer on a residential property in Wisconsin?

Accepted Answer

WB-11

Answer

1099-INT

Answer

RP-100

Answer

1040EZ

Question 6

Among the options provided, which one qualifies as a legally binding agreement?

Accepted Answer

Collete offers Yuki the book in exchange for Yuki’s promise to pay twenty-five dollars. Yuki accepts.

Answer

Collete offers to give Yuki the book if Yuki promises to pick it up at Collete’s house. Yuki agrees.

Answer

Betty offers to give a book to Yuki. Yuki accepts.

Answer

None of the above

Question 7

Taking into account is...

Accepted Answer

a set of mutual promises in which each party agrees to give up something to the benefit of the other.

Answer

The 5 minutes following an offer that must elapse before an acceptance can take place.

Answer

The element of a contract that says the value of what each party is giving up must be equal.

Answer

The amount of time one has to accept an offer.

Question 8

Providing an incentive for anyone who can retrieve your missing pet exemplifies a....

Accepted Answer

Unilateral Contract

Answer

Bilateral contract

Answer

Both A&B

Answer

None of the above

Question 9

What among the options is the prevailing and permissible grounds for terminating a contract?

Accepted Answer

Performance

Answer

Agreement

Answer

Fraud

Answer

Breach

Question 10

Among the options provided, which one serves as a solution for a contract that has been violated?

Accepted Answer

All of the above

Answer

Money Damages

Answer

Restitution

Answer

Specific Performance