Contract Law Basics Quiz
Test your understanding of fundamental contract law principles.
Score: 0 / 10
1. What is the first essential element of a valid contract?
Consideration
Offer and acceptance
Capacity
Legality
2. What constitutes consideration in a contract?
A gift promise
Past actions
Bargained-for exchange
Written agreement
3. Which type of contract requires writing under Statute of Frauds?
Marriage contracts
Oral employment contracts
Service contracts under $500
All contracts
4. What is an executory contract?
A void contract
A fully performed contract
A contract without consideration
A contract with unperformed obligations
5. What remedy restores the non-breaching party to pre-contract position?
Specific performance
Compensatory damages
Punitive damages
Restitution
6. What defense makes a contract voidable?
Illegality
Lack of consideration
Fraud
Statute of Frauds
7. What is the parol evidence rule?
Oral evidence cannot contradict written contract
All oral contracts are valid
Written contracts override oral agreements
Evidence of fraud is always admissible
8. What is specific performance?
Monetary damages for breach
Cancellation of contract
Punishment for breach
Court order to perform obligations
9. When can a minor disaffirm a contract?
Only after turning 21
At any time before reaching majority
Never
Only with court approval
10. What is a bilateral contract?
A contract between two parties
A contract requiring written signatures
Mutual promises between parties
A one-sided promise