13:27 Module 3 Quiz: Contracts and the UCC bStarted: Jun 22 at 12.08pm Quiz Inst
ID: 1157991 • Letter: 1
Question
13:27 Module 3 Quiz: Contracts and the UCC bStarted: Jun 22 at 12.08pm Quiz Instructions This quiz is on Contracts and the UCC. You may take this quiz up to 2 times. Your score will be averaged Question1 10 pts The elements of a contract are: (choose all that apply) O Acceptance O The contract be fair to all parties. It must be a good deal for everyone. O Contractual or legal capacity O Offer DQuestion 2 5 pts If there is an agreement (offer and acceptance) i.e the parties agree to the terms of the contract, so long as the other elements are present (Offer, acceptance consideration and capacity) a valid contract is formed O True O False 5 pts
Explanation / Answer
Ans:
1) Following will apply
Acceptance
Consideration
Contractual or legal capacity
Offer
The elements of a contract include offer, acceptance, competent parties who have the legal capacity to enter into contract,consideration,mutuality of obligation and lawful subject matter.
2) True
A contract is legal agreement between the parties and a contract is valid if all the elements of contract are present.
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