RI Bar Contracts

Question 1

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

Accepted Answer

Written agreement

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 2

If a party to a contract does not fulfill their contractual obligations, what is the other party entitled to seek?

Accepted Answer

Specific performance

Answer

Punitive damages

Answer

Restitution

Answer

Nominal damages

Question 3

Which of the following constitutes a valid consideration in a contract?

Accepted Answer

A promise to refrain from illegal conduct

Answer

A promise to perform a pre-existing legal duty

Answer

A gift with no expectation of reciprocation

Answer

A promise to do something that is already legally required

Question 4

Under common law, when does a contract become legally binding?

Accepted Answer

When the offer is accepted

Answer

When the offer is made

Answer

When consideration is exchanged

Answer

When the contract is signed by both parties

Question 5

In which of the following situations is a contract likely to be considered voidable?

Accepted Answer

One party was under duress when entering into the contract

Answer

The contract is for an illegal purpose

Answer

The contract was not in writing

Answer

The parties made a mistake about a non-material fact