Contract Basics
Terms and Definitions
Real-Life Examples
True or False
Case Scenarios
200

A part of contract negotiations where a party agrees to do or not do something in exchange for consideration.

What is the Offer part of the contract?

200

A person who has not yet reached the age of majority and therefore lacks full legal capacity to enter into contracts.

What is a Minor?

200

A lease for renting an apartment.

what is an example of a written contract.

200

True or False: A verbal agreement can be legally binding in certain circumstances.

True.

200

Within reasonable time

When must contracts be completed?

400

The purpose of the contract must be lawful.

What is Legality?

400

The legal ability of a person to enter into a binding contract.

What is Contractual capacity?

400

A written bill of sale.

What kind of contract is needed when selling a car?

400

True or False: Emancipation involves a minor gaining independence from their parents or guardian allowing them to enter a contract

True

400

A point in which a person is under the influence and cannot make wise decisions making most contracts void

What is intoxication?

600

 refers to something of value exchanged between the parties.

What is Consideration

600

The age at which a person is legally recognized as an adult and can enter into contracts without parental consent.

What is Age of Majority?

600

Real estate purchase agreements.

 Name a contract that must be in writing by law.

600

True or False: An agreement made under fraud can still be enforced.

False

600

A condition where an individual cannot understand the nature and consequences of their actions, affecting their ability to contract.

What is Mental Incapacity?

800

Any expression of approval or agreement to a contract

What is Genuine assent?

800

refers to a legal process that grants a minor the status of an adult

What is the Emancipation of minors?

800

Agreeing to website terms of service.

 Example of a contract you make online.

800

True or False: Ratification is the process by which one party completes contractual obligations

False

800

A rule in which you cannot phrase a contract to take silence as Acceptance.

What is the rule of Silence as Acceptance?

1000

Parties involved must have the legal ability to enter into a contract.

What is Capacity?

1000

A form of fraud in which competitors agree in advance on who will win a bid

What is Bid rigging?

1000

A contract with a plumber or electrician.

Give an example of a service contract.

1000

True or False: A minor can enter into a legally binding contract.

False.

1000

A contract that includes a  promise in exchange for an performance

What are Unilateral contracts?