Choose one

1.A void contract is:

a. A contract that does not meet seven key requirements from intention to create relations through legality.

b. A contract with no legal effect from the beginning, as though it never happened.

c. A contract that is valid unless and until it is rejected at the option of one of the parties.

d.A contract with a mistake in it

2.Under the Statute of Frauds, a note or memorandum of the contract must:

a. Contain all essential terms of the contract.

b. Be signed by both parties.

c. Be in one document.

d. All of the above

3.At what point is a contract formed:

a. When an offer is made.

b. When an offer is accepted.

c. When a counter-offer is made.

d. When consideration is actually paid to the other party.

e.When the negotiation is taking place.

4.Alicia is 16 years old, but looks 21. She buys an expensive home entertainment system for $2,000 on credit, telling the salesperson that this is her 21st birthday present to herself. The salesperson honestly believes her. She makes two payments of $100 each, and then can't pay any more. The store sues her for the balance owing. Which of the following is true?

a. because she looks over 21, the contract is enforceable against her.

b. because she lied about her age, the contract is enforceable against her.

c. she can cancel the contract because she is a minor and can keep the goods.

d. she can cancel the contract because she is a minor but must return the goods.

e.even though she lied, the contract is still enforceable against her.

5.When Mr Adams tells the local Boys' and Girls' Club that he will give them $5,000 if they promise to use the funds for their summer camping program, this is an example of which one of the following?

a. Gratuitous promise

b. When accepted by the club, a bilateral contract

c. When accepted by the club, a unilateral contract

d. Promissory estoppel

e.Inadequate consideration