PVL3702 EXAM PACK 2024/2025
PVL3702 What is the primary purpose of contract law?
o A) To enforce criminal laws
o B) To provide a framework for legal agreements
o C) To regulate family matters
o D) To govern property disputes
Answer: B) To provide a framework for legal agreements
Rationale: C...
PVL3702 EXAM PACK 2024/2025
PVL3702 What is the primary purpose of contract law?
o A) To enforce criminal laws
o B) To provide a framework for legal agreements
o C) To regulate family matters
o D) To govern property disputes
Answer: B) To provide a framework for legal agreements
Rationale: Contract law establishes the rules for making and
enforcing agreements between parties.
2. Which of the following is not an essential element of a contract?
o A) Offer
o B) Acceptance
o C) Consideration
o D) Reputation
Answer: D) Reputation
Rationale: A valid contract must include an offer, acceptance, and
consideration, but reputation is not a legal requirement.
3. What type of contract is formed when one party makes a promise in
exchange for a performance by another?
o A) Unilateral contract
o B) Bilateral contract
o C) Void contract
o D) Implied contract
Answer: A) Unilateral contract
Rationale: A unilateral contract involves one party making a promise
that is fulfilled by the other party's performance.
4. What is meant by 'consideration' in contract law?
o A) A mutual understanding
, o B) Something of value exchanged
o C) An offer made
o D) A legal document
Answer: B) Something of value exchanged
Rationale: Consideration refers to the value that is exchanged
between parties in a contract.
5. Which of the following contracts must be in writing to be enforceable
under the Statute of Frauds?
o A) Employment contracts
o B) Sales of goods under $500
o C) Contracts that cannot be performed within one year
o D) Verbal agreements
Answer: C) Contracts that cannot be performed within one year
Rationale: The Statute of Frauds requires certain contracts,
including those not performable within one year, to be in writing.
6. What does the term 'capacity' refer to in contract law?
o A) The ability to make a contract
o B) The ability to fulfill contract terms
o C) The financial resources to enter into a contract
o D) The number of contracts a person can have
Answer: A) The ability to make a contract
Rationale: Capacity refers to a party's legal ability to enter into a
contract, which can be affected by age or mental competency.
7. Which type of contract is voidable at the option of one of the parties?
o A) Valid contract
o B) Void contract
o C) Unilateral contract
o D) Contract with minor
Answer: D) Contract with minor
Rationale: Contracts with minors are typically voidable at the
, minor's option, allowing them to choose whether to enforce the
contract.
8. What is a 'breach of contract'?
o A) A contract that is void
o B) Failure to perform as specified in the contract
o C) A legally binding agreement
o D) A mutual agreement to end a contract
Answer: B) Failure to perform as specified in the contract
Rationale: A breach occurs when one party fails to fulfill their
obligations under the terms of the contract.
9. Which of the following remedies is typically sought in a breach of
contract case?
o A) Punitive damages
o B) Specific performance
o C) Criminal penalties
o D) Injunction
Answer: B) Specific performance
Rationale: Specific performance is a remedy that compels a party to
fulfill their contractual obligations, particularly in unique situations.
10. What is 'negotiation' in the context of contract law?
o A) The final signing of a contract
o B) A discussion aimed at reaching an agreement
o C) The enforcement of a contract
o D) The voiding of a contract
Answer: B) A discussion aimed at reaching an agreement
Rationale: Negotiation involves the process where parties discuss
terms and seek to reach a mutually acceptable agreement.
11. In which case would a court likely find a contract to be unenforceable?
o A) Mutual mistake of fact
o B) Clear consideration
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 joycewanjiku0036. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
