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 a contract?
- Capacity
- Expect or intention to create legal relation
- Consideration
- Efficiency
Q2. ____ contract can be done or conducted by the parties.
- General rules
- Exception
- Specialty Contract
- Subject to contract
Q3. Which of the following is called a “simple contract”?
- General rules
- Exception
- Specialty Contract
- Subject to contract
Q4. Written Property paper is an example of which contract?
- General rules Contract
- Exception Contract
- Specialty Contract
- Subject to contract
Q5. Which contract refers to the agreed term?
- General rules Contract
- Exception Contract
- Specialty Contract
- Subject to contract
Q6. Specialty contracts are in written form, properly signed have ____.
- Defendant
- Witness
- Stamp
- Thumb
Q7. A specified term without any negotiations and which can not be changed, which term does it refer to?
- Invitation to treat
- Offer
- Agreement
- Contract
Q8. Advertise to sell something but it is not an offer, yeah It is an invitation to treat. It refers to,
- Invitation to treat
- Agreement
- Contract
- Auction
Q9. Once an offer is denied it can not be accepted, which term it refers to?
- Agreement
- Contract
- Termination
- Terminal
Q10. A (a person) wants to sell his painting he reached out to person B and asks to buy for $1000, B likes that painting and he said that he will pay only $700, this is an example of,
- Terminal
- Revocation
- Rejection
- Lapse
The following statement relates to Q11 & 12
- Executory Consideration
- Executed Consideration
- Sufficient Consideration
- Past Consideration
Q11. Which of the following is/are examples of consideration?
- 2 only
- 1 and 3 only
- 1,2 and 3 only
- 1, 2, 3, 4
Q12. The promise that is made after the work or contract is completed. This is the definition of ___.
- 2 only
- 1 only
- 1,2 and 3 only
- 1, 2, 3, 4
Q13. ____ rules and principles of fairness and justice.
- Revocation
- Promissory estoppel
- Invitation to treat
- Offer
Q14. Which statement relates to the Privity of Contract law?
- All the parties whether involved or not in the contract can acquire rights and obligations under it.
- Only the parties to a contract can acquire rights and obligations under it.
- Only third parties can acquire rights and obligations under it.
Q15. The legal agreement fails to fulfill the current or original agreement or obligations, it is called a ___.
- Unilateral Contract
- Repudiatory Breach of Contract
- Breach of Contract
- Collateral contract
Answers
- Efficiency
- General rules
- General rules
- Exception Contract
- Subject to contract
- Witness
- Offer
- Auction
- Termination
- Rejection
- 1, 2, 3, 4 all of these are examples of consideration
- 1 only (Past Consideration)
- Promissory estoppel
- Only the parties to a contract can acquire rights and obligations under it.
- Breach of Contract
General FAQS
What do you mean by F4 in ACCA?
F4 is the 8th paper of ACCA, the full form of F4 in ACCA is “Corporate and business law”.
How we can pass the business law paper easily in ACCA?
Passing the business law paper is not too difficult, all you need is a focused study with good planning and a kit where you can practice for your exam. Must remember to use different resources for your preparation as it will increase your knowledge from different angles that help you in passing the exam.
Can we do a job after passing the ACCA?
ACCA is an international qualification, after passing your ACCA journey you can do a job in any country in the globe with a very handsome salary package. ACCA members make millions of dollars each year by offering their services to the firms.
For FA1 Notes [Click here]