Question 1

Elements of a contract include:

Question 1 options:

	Offer
	Acceptance
	Consideration
	All of the above

Question 2

Defenses to a contract include:

Question 2 options:

	Illegality
	Lack of Consent
	Incapacity
	All of the above

Question 3

Consideration is the exchange of something of value between the parties to a contract.

Question 3 options:

	True
	False

Question 4

The Statue of Frauds requires the following contracts to be in writing:

Question 4 options:

	Service contracts
	Sale of goods over $500
	Land interests
	All of the above

Question 5

A third party who benefits from a contract is called a beneficiary.

Question 5 options:

	True
	False

Question 6

Contracts that are for both sale of goods and services are called:

Question 6 options:

	Warranties
	Novation
	Mixed Contracts
	None of the above

Question 7

The principle that people are entitled to allocate risk between themselves is called the economic loss rule.

Question 7 options:

	True
	False

Question 8

Contract remedies include:

Question 8 options:

	Rescission
	Specific Performance
	Damages
	All of the above