Contracts Knowledge Quiz
Test your understanding of essential contract concepts. Please answer all questions carefully.
Full Name
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First Name
Last Name
Email Address
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example@example.com
What is a contract?
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A legally binding agreement between two or more parties
A written promise that is not enforceable by law
Any conversation between two people
Other
Which of the following are essential elements of a valid contract? (Select all that apply)
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Offer and acceptance
Consideration
Mutual consent
Legal purpose
Handwritten signature only
Other
Read the following scenario and answer: If Party A agrees to sell a car to Party B for $5,000, and Party B agrees, but the agreement is not written down, is this a valid contract?
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Yes, because there is offer, acceptance, and consideration
No, contracts must always be in writing
Only if witnessed by a third party
Other
Which of these can make a contract void? (Select all that apply)
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Illegal purpose
One party is a minor
Both parties agree
Other
Briefly explain what is meant by 'consideration' in a contract.
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