Contract law practice questions |Corporate and business law |ACCA F4

In this article we will do “Contract law practice questions”. But before doing these questions must read the following article [Click Here].

Q1. Which of the following is not a valid element of contract?

1. Capacity
2. Expect or intension to create legal relation
3. Consideration
4. Efficiency

Q2. ____ contract can be done or conducted by the parties.

1. General rules
2. Exception
3. Specialty Contract
4. Subject to contract

Q3. Which of following is called “simple contract”?

1. General rules
2. Exception
3. Specialty Contract
4. Subject to contract

Q4. Written Property paper is an example of which contract?

1. General rules Contract
2. Exception Contract
3. Specialty Contract
4. Subject to contract

Q5. Which contract refers to agreed term?

1. General rules Contract
2. Exception Contract
3. Specialty Contract
4. Subject to contract

Q6. Specialty contracts are in written form, properly signed have ____.

1. Defendant
2. Witness
3. Stamp
4. Thumb

Q7. Specified term without any negotiations and which can not be changed, which term it refer?

1. Invitation to treat
2. Offer
3. Agreement
4. Contract

Q8. Advertise to sell something but it is not an offer but yeah It is an invitation to treat. It refers to,

1. Invitation to treat
2. Agreement
3. Contract
4. Auction

Q9. Once an offer denied it can not be accepted, which term it refers?

1. Agreement
2. Contract
3. Termination
4. Terminal

Q10. A (a person) want to sell his painting he reached to person B and ask to buy at $1000, B likes that painting and he said that he will pay only $700, this is an example of,

1. Terminal
2. Revocation
3. Rejection
4. Lapse

Following statement relates to Q11 & 12

1. Executory Consideration
2. Executed Consideration
3. Sufficient Consideration
4. Past Consideration

Q11. Which of the following is/are example of consideration?

1. 2 only
2. 1 and 3 only
3. 1,2 and 3 only
4. 1, 2, 3, 4

Q12. The promise that is made after the work or contract completed. This is the definition of ___.

1. 2 only
2. 1 only
3. 1,2 and 3 only
4. 1, 2, 3, 4

Q13. ____ rules and principles of fairness and justice.

1. Revocation
2. Promissory estoppel
3. Invitation to treat
4. Offer

Q14. Which statement relates to Privity of Contract law?

1. All the parties whether involves or not in the contract can acquire rights and obligations under it.
2. Only the parties to a contract can acquire rights and obligations under it.
3. Only third parties can acquire rights and obligations under it.

Q15. Legal agreement fails to fulfil as per the current or original agreement or obligations, it is called a ___.

1. Unilateral Contract
2. Repudiatory Breach of Contract
3. Breach of Contract
4. Collateral contract

Answers

1. Efficiency
2. General rules
3. General rules
4. Exception Contract
5. Subject to contract
6. Witness
7. Offer
8. Auction
9. Termination
10. Rejection
11. 1, 2, 3, 4 all of these are examples of consideration
12. 1 only (Past Consideration)
13. Promissory estoppel
14. Only the parties to a contract can acquire rights and obligations under it.
15. Breach of Contract

Hopefully you like these “Contract law practice questions”. Also read the article of “Contract law“.

If you like our efforts then share this article to your friends and classmates for knowledge purpose.

Click here for F4 Notes

Click here for FBT Notes

For FA1 Notes [Click here]