BUSL 1

tessammorris
Quiz by tessammorris, updated more than 1 year ago
tessammorris
Created by tessammorris over 5 years ago
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Description

Business law quiz

Resource summary

Question 1

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

Question 2

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

Question 3

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

Question 4

Question
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.
Answer
  • True
  • False

Question 5

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

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

Question
Essentialia are terms automatically incorporated into the contract as implied terms, unless they are excluded by the parties to the particular contract.
Answer
  • True
  • False

Question 8

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

Question 9

Question
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.
Answer
  • True
  • False

Question 10

Question
A suspensive time clause stipulates the duration of the contract, after which it ceases.
Answer
  • True
  • False
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