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(LU) JURI 530 Contracts Law - Knowledge Test I $14.49
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(LU) JURI 530 Contracts Law - Knowledge Test I

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(LU) JURI 530 Contracts Law - Knowledge Test I (LU) JURI 530 Contracts Law - Knowledge Test I (LU) JURI 530 Contracts Law - Knowledge Test I

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  • September 9, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • lu juri 530 contracts law knowledge test i 202

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JURI 530



Contracts Law




KNOWLEDGE TEST 1




©LU 2024/2025

,1. Question:
Which of the following is necessary for an agreement to be legally
enforceable as a contract?
a) Written documentation
b) Consideration
c) Witnesses
d) Certification by a legal authority


Answer: b) Consideration
Rationale: A valid contract requires mutual consideration i.e.,
something of value must be exchanged. Written documentation
and witnesses are not necessary elements for all contracts.


2. Question:
In which of the following situations is a contract likely to be
deemed void due to a lack of capacity?
a) A minor purchases a luxury car
b) An adult with a minor learning disability enters into a contractual
agreement
c) A person buys a house while intoxicated but SOBER at the time
of signing

©LU 2024/2025

, d) An elderly person enters into a contract without any diagnosis of
mental incapacity


Answer: a) A minor purchases a luxury car
Rationale: Generally, minors lack the legal capacity to enter into
binding contracts, except for necessities.


3. Question:
When one party deceives another party into entering into a
contract, it can be termed as:
a) Consent
b) Undue influence
c) Duress
d) Fraud


Answer: d) Fraud
Rationale: Fraud involves intentional deception to secure unfair
gain and can render a contract voidable by the deceived party.


4. Question:
Which one of the following statements best describes a "unilateral
contract"?
©LU 2024/2025

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