1. All agreements between two competent parties are contracts. _______ 2. To be legally enforceable, contracts must be in writing. _______ 3. Implied contracts are neither oral nor written. _______ 4. In order for an offer to be valid, it must be definite and certain. _______ 5. A direct, unqualified rejection terminates an offer. _______ 6. The Mailbox Rule states that an acceptance sent by the postal system is effective when received by the offeror. _______ 7. Consideration is one of the elements of a contract. _______ 8. The courts generally do not rule on the adequacy of consideration. _______ 9. An agreement based on an illusory promise is enforceable if the purpose of the agreement is legal. _______ 10. A contract performed because it is the right thing to do is an example of forbearance consideration. _______ 11. Past consideration is a promise to repay someone for a benefit after it has been received. _______ 12. A promise to do something that one is already required to do, either by law of by contract, is valid consideration. _______ 13. An agreement to perform an illegal act is void and unenforceable. _______ 14. The Statute of Frauds specifies that certain types of contracts must be in writing. _______ 15. A valid contract can be entirely hand written. _______ 16. An agreement that cannot be completed within six months must be in writing. _______ 17. The Parol Evidence Rule affects the enforceability of contracts that include oral or written changes in the terms of an existing contract. _______ 18. An agreement for the sale of real estate must be in writing to be enforceable. _______ 19. The Statute of Frauds applies only to contract that have yet to be performed. _______ 20. It is legally permissible to delegate contract obligations to perform certain tasks. _______ 21. Contracts for personal service that rely on specialized skills may be assigned. _______ 22. An agent is reasonable in assuming that he or she has the authority that is related to the responsibilities covered in the contract of agency. _______ 23. An agent is liable to the principal for any losses that result from the agents neglect or incompetence. _______ 24. The primary distinction made by the IRS between an employee and an independent contract is the number of hours worked per week. _______ 25. An agent must be of legal age to contract. _______ 26. Apparent authority is an agents authority that stems from the reasonable beliefs of third parties based on the principals actions. _______ 27. Actual authority is the authority an agent possesses as a result of the principals dealings with the agent. _______ 28. Workers compensation laws are designed to ensure that all employees are paid fairly. _______ 29. OSHA, as an administrative agency, can impose a fine for a health or safety violation. _______ 30. The protected class created pursuant to the Age Discrimination in Employment Act is a person over the age of 50. _______