100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
(LU) JURI 530 Contracts Law - Knowledge Test I $14.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Liberty University
  4.  
  5. Law

Exam (elaborations)

(LU) JURI 530 Contracts Law - Knowledge Test I

 5 views  0 purchase

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

Preview 3 out of 28  pages

Document information

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

Subjects

  • lu juri 530 contracts law knowledge test i 202

Written for

All documents for this subject (9)

Seller

avatar-seller
ClemAcademia

Reviews received

Content preview

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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ClemAcademia. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$14.49
  • (0)
  Add to cart