BUSL 1

Question 1 of 10

Medal-premium 1

As a general rule, no formalities, except that a contract must be in writing, are required for a contract to be valid.

Select one of the following:

  • True
  • False

Question 2 of 10

Medal-premium 1

Contracts for alienation of land must be in writing and signed by the parties or their agents acting on written instructions.

Select one of the following:

  • True
  • False

Question 3 of 10

Medal-premium 1

An underlying principle of the law of contract namely, pacta sunt servanda is that agreements concluded should be enforceable.

Select one of the following:

  • True
  • False

Question 4 of 10

Medal-premium 1

Supervening impossibility of performance refers to an instance when a voidable contract was concluded but due to an act of God/ State the continuation of performance has become impossible.

Select one of the following:

  • True
  • False

Question 5 of 10

Medal-premium 1

Choose the 6 requirements for an offer and acceptance to be binding:

Select one or more of the following:

  • The offer and acceptance must be made with the intention of being bound

  • The offer must be complete

  • It must be clear and certain

  • Express acceptance

  • The offer must be addressed to a specific person or the general public

  • The offer must be communicated

Question 6 of 10

Medal-premium 1

Choose the requirements in order for duress to be present in the formation of a contract and to render such contract voidable:

Select one or more of the following:

  • There must be actual violence or damage or a threat of violence or damage which causes reasonable fear

  • The threat must be imminent

  • The threat must be unlawful

  • A party to the contract must be responsible for the threat

  • The threat must not cause the other party to conclude the contract

Question 7 of 10

Medal-premium 1

Essentialia are terms automatically incorporated into the contract as implied terms, unless they are excluded by the parties to the particular contract.

Select one of the following:

  • True
  • False

Question 8 of 10

Medal-premium 1

Naturalia are essential terms identify the contract as being a certain kind of contract, for example a contract of sale, employment, credit or lease.

Select one of the following:

  • True
  • False

Question 9 of 10

Medal-premium 1

A condition is a contractual term that renders the operation of a contract and consequences of a contract dependent on the occurrence or non-occurrence or a specified uncertain future event.

Select one of the following:

  • True
  • False

Question 10 of 10

Medal-premium 1

A suspensive time clause stipulates the duration of the contract, after which it ceases.

Select one of the following:

  • True
  • False
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tessammorris
Quiz by , created over 1 year ago

Business law quiz

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tessammorris
Created by tessammorris over 1 year ago
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