LAW 531 Week 3 Knowledge Check Study Guide 1 
Week 3 Knowledge Check Study Guide
Concepts
Mastery
Agreement, consideration,
Score: 18 / 18
Questions
100%
1
2
3
100%
4
5
6
Intellectual property
100%
7
8
9
Personal property
100%
10
11
12
Real property
100%
13
14
15
100%
16
17
18
and capacity
Remedies for breach of contracts Mislaid, lost, or abandoned property
Concept: Agreement, consideration, and capacity
Mastery
100%
Questions
1
2
3
1.
What is true about the acceptance of a contract?
A. It is effective only once it has reached the offeror, whether or not it has been properly dispatched by the offeree. B. It must not support the mirror image rule.
C. It must be an unequivocal acceptance, without conditions or exceptions.
D. It cannot be expressed with silence, even if the offeree has specified that silence means acceptance.
Correct:
The Correct Answer is: C.
To ensure that the acceptance is valid, an offeree must unequivocally accept the terms of the contract. That is, the acceptance must be explicit and unambiguous and it must have only one possible meaning. An unequivocal acceptance must not contain conditions or exceptions.
2.
Which element of a contract requires something of legal value to be provided in exchange for a promise?
A. Consideration
B. Objective intent
C. Agreement
D. Capacity
Correct:
The Correct Answer is: A.
Consideration is the element of a contract that requires something of legal value to be provided in exchange for a promise. Monetary or property payments are examples of tangible items that add legal value to contracts.
3.
Jason, a 16-year old boy, enters into a contract with a businessperson to work on a construction project. According to the contract, Jason has to work long hours but will get paid a minimal amount because of his age. Jason, though unfamiliar with contracts, knows that the contract is not fair to him. He decides to cancel it. What gives Jason the right to void the contract?
A. Minor’s duty of restoration
B. Infancy
Concepts
Mastery
Agreement, consideration,
Score: 18 / 18
Questions
100%
1
2
3
100%
4
5
6
Intellectual property
100%
7
8
9
Personal property
100%
10
11
12
Real property
100%
13
14
15
100%
16
17
18
and capacity
Remedies for breach of contracts Mislaid, lost, or abandoned property
Concept: Agreement, consideration, and capacity
Mastery
100%
Questions
1
2
3
1.
What is true about the acceptance of a contract?
A. It is effective only once it has reached the offeror, whether or not it has been properly dispatched by the offeree. B. It must not support the mirror image rule.
C. It must be an unequivocal acceptance, without conditions or exceptions.
D. It cannot be expressed with silence, even if the offeree has specified that silence means acceptance.
Correct:
The Correct Answer is: C.
To ensure that the acceptance is valid, an offeree must unequivocally accept the terms of the contract. That is, the acceptance must be explicit and unambiguous and it must have only one possible meaning. An unequivocal acceptance must not contain conditions or exceptions.
2.
Which element of a contract requires something of legal value to be provided in exchange for a promise?
A. Consideration
B. Objective intent
C. Agreement
D. Capacity
Correct:
The Correct Answer is: A.
Consideration is the element of a contract that requires something of legal value to be provided in exchange for a promise. Monetary or property payments are examples of tangible items that add legal value to contracts.
3.
Jason, a 16-year old boy, enters into a contract with a businessperson to work on a construction project. According to the contract, Jason has to work long hours but will get paid a minimal amount because of his age. Jason, though unfamiliar with contracts, knows that the contract is not fair to him. He decides to cancel it. What gives Jason the right to void the contract?
A. Minor’s duty of restoration
B. Infancy