1) Which one of the following element is not necessary for a contract ?
A) Competent parties
B) Reasonable terms and conditions.
C) Free consent
D) Lawful concentration .
Answer : B
2) An agreement becomes a contract if :
A) It is by free consent of the parties.
B) Parties are competent.
C) It is enforceable by law.
D) None of the above .
Answer : C
3) In a standardized contract :
A) The individual has no choice but to accept and sign on the dotted line.
B) The individual must be protected in contract.
C) The agreement is without consideration.
D) None of the above.
Answer : A
5) The correct sequence in the formation of a contract is :
A) Offer, acceptance, agreement, consideration.
B) Agreement, consideration, offer,acceptance.
C) Offer , Consideration, acceptance, agreement.
D) Offer,acceptance, consideration, agreement.