Question

1 The elements for a valid contract do NOT include: 

a. assent. O b. capacity. c. consideration. d. a fair price

2 Consideration is not required in: 

a. agreements to modify employment contracts. b. employment contracts.  c. agreements to modify contracts for the sale of goods.  d. contracts for the sale of goods.

3 A discharge by operation of law occurs in all of the following situations except: 

a. accord and satisfaction. b. material changes by a party. c. bankruptcy  d. statute of limitations. 

4 A contract obtained by physical duress is void. 

True False 

5 A counteroffer is a(n): 

a. rejection of the original offer. b. acceptance of the original offer. c. acceptance of the original offer and an invitation to further negotiate.  d. a revocation of the original offer. 

Answer 1

1. the element for a valid contract do not include a fair price.

Ans is d) a fair price.

2. Consideration is not required in agreements to modify contracts for the sale of goods.

Ans is d)

3. a discharge by operation of law occurs in all of the following situations except material changes by a party.

Ans is b)

4.False

Reason: Physical duress renders a contract voidable at the option of the innocent party.

5.  A counteroffer is a(n) rejection of the original offer.

ANs is a)