Question

BUSINESS LAW

5. A contract not yet performed.

Answers:

A. Enforceable

B. Equitable

C. Executed

D. Executory

Question 6

The three elements of a valid contract do not include which of the following?

Answers:

A. Acceptance

B. Agreement

C. Consideration

D. Offer

Question 7

The elements of an enforceable contract do not include which of the following?

Answers:

A. Capacity

B. Equity

C. No illegalities

D. Voluntary consent

Question 8

The "reasonable person" standard means viewing events from the perspective of which of the following?

Answers:

A. The judge

B. The lawyers

C. The parties

D. None of the above.

Answer 1

5. A contract which is not yet performed or which has some important activities to be fulfilled by the parties is known as executory contract. It needs to be fulfilled by the parties. Hence the answer is executory ,D.

6. A contract to be valid requires an offer made, the other party accepting the offer and consideration. Without any of these the contract cannot be called valid. Hence the three elements of a contract are offer, acceptance and consideration. Hence agreement is not an element of valid contract . The answer is B.

7. An enforceable contract requires legality which is every term must be legal and no illegal activities must be involved, capacity which is the ability of the party to fulfill the contract, mutual consent where both the parties must voluntarily accept the terms of the contract . It does not need equity to be enforceable. Hence equity is not an element of enforceable contract. The answer is B.

8. Reasonable person in law is where situation is analysed in the point of view of the parties present . The jury takes decision after considering the situation which led to the problem and why the parties behaved so . Hence the answer is C.