C713 - Business Law - Unit 5 Learning Checks, Quizzes and Sample Questions and Correct Verified
Answers 2026
What is one of the main purposes of contract law? - (ANSWER)To ensure that promises made among
private parties are enforceable
To determine a party's intent in a contract case, a court will apply which theory of contracts?
The alternate-party theory of contracts
The subjective theory of contracts
The consideration theory of contracts
The objective theory of contracts - (ANSWER)The consideration theory of contracts
A(n) _________ contract is illegal from the beginning and may not be enforced by either party; a(n)
__________ contract is legal but permits one party to be released from the contractual obligation if he
or she so wishes. - (ANSWER)Void; Voidable
What element of a contract refers to the parties involved as being "adults of sound mind"?
Legality
Consideration
Capacity
Consent - (ANSWER)Capacity
, C713 - Business Law - Unit 5 Learning Checks, Quizzes and Sample Questions and Correct Verified
Answers 2026
What does it mean if a party to a contract has been discharged? - (ANSWER)It means the person has
"finished" and has no more duties under the contract.
Omar substantially performed his obligations under a service contract.
What is Omar entitled to receive? - (ANSWER)The full contract price minus the value of the defects
What does it mean to "undo" a contract and put the parties where they were before they made the
agreement?
Restitution
Rescission
Remediation
Reliance - (ANSWER)Recission
Sara purchases a car from a car dealership when she is 15 years old.
Which type of non binding contract is this? - (ANSWER)Voidable
What differentiates a bilateral contract from a unilateral contract? - (ANSWER)In a bilateral contract,
both parties agree to do something.
Answers 2026
What is one of the main purposes of contract law? - (ANSWER)To ensure that promises made among
private parties are enforceable
To determine a party's intent in a contract case, a court will apply which theory of contracts?
The alternate-party theory of contracts
The subjective theory of contracts
The consideration theory of contracts
The objective theory of contracts - (ANSWER)The consideration theory of contracts
A(n) _________ contract is illegal from the beginning and may not be enforced by either party; a(n)
__________ contract is legal but permits one party to be released from the contractual obligation if he
or she so wishes. - (ANSWER)Void; Voidable
What element of a contract refers to the parties involved as being "adults of sound mind"?
Legality
Consideration
Capacity
Consent - (ANSWER)Capacity
, C713 - Business Law - Unit 5 Learning Checks, Quizzes and Sample Questions and Correct Verified
Answers 2026
What does it mean if a party to a contract has been discharged? - (ANSWER)It means the person has
"finished" and has no more duties under the contract.
Omar substantially performed his obligations under a service contract.
What is Omar entitled to receive? - (ANSWER)The full contract price minus the value of the defects
What does it mean to "undo" a contract and put the parties where they were before they made the
agreement?
Restitution
Rescission
Remediation
Reliance - (ANSWER)Recission
Sara purchases a car from a car dealership when she is 15 years old.
Which type of non binding contract is this? - (ANSWER)Voidable
What differentiates a bilateral contract from a unilateral contract? - (ANSWER)In a bilateral contract,
both parties agree to do something.
