FYLSX Contracts Formation & Enforcement

Question 1

Which of the following is essential for a valid contract?

Accepted Answer

An offer, acceptance, and consideration

Answer

Only a written document.

Answer

A handshake.

Answer

Witness signatures.

Question 2

What is 'consideration' in contract law?

Accepted Answer

Something of value exchanged between parties

Answer

A public announcement.

Answer

A verbal agreement.

Answer

A future promise to be nice.

Question 3

Which of the following can void a contract?

Accepted Answer

Fraud or duress

Answer

Mutual understanding.

Answer

Written form.

Answer

Consideration.

Question 4

What is the Statute of Frauds?

Accepted Answer

A law requiring written contracts for specific agreements

Answer

A list of punishable contract offenses.

Answer

An ethics guideline.

Answer

A criminal statute for fraud.

Question 5

What does 'enforceability' mean in contract law?

Accepted Answer

Whether it can be legally upheld in court

Answer

Whether the parties enjoyed the agreement.

Answer

Whether it is backed by police power.

Answer

If it’s signed in blue ink.

Question 6

Which party bears the burden of proof in contract enforcement?

Accepted Answer

The party asserting the breach

Answer

The judge.

Answer

The defendant.

Answer

The public.

Question 7

When is a contract considered 'executed'?

Accepted Answer

When all parties sign and complete obligations

Answer

When it is drafted.

Answer

When it is published online.

Answer

When it is sealed.

Question 8

Which element indicates agreement in a contract?

Accepted Answer

Mutual assent

Answer

Mutual misunderstanding.

Answer

Confidentiality.

Answer

Conflict of interest.

Question 9

Which of the following is NOT a remedy for breach of contract?

Accepted Answer

Punitive damages

Answer

Specific performance.

Answer

Rescission.

Answer

Compensatory damages.