CLA/CP Contract Law and Formation Questions and Answers Flashcards
6 cards from real CLA/CP Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CLA/CP Contract Law and Formation Questions and Answers flashcards as text
Under the Statute of Frauds, which of the following contracts must be in writing to be enforceable?
Answer: A contract for the sale of land
The Statute of Frauds requires contracts for the sale of an interest in land to be evidenced by a writing signed by the party to be charged.
Which of the following would most likely render a contract voidable?
Answer: Duress exerted on one party during formation
Duress undermines genuine assent, making the contract voidable at the option of the coerced party.
What is the legal effect of an illusory promise in contract formation?
Answer: It fails to constitute valid consideration
An illusory promise does not bind the promisor to any obligation, so it cannot serve as valid consideration for a contract.
In contract law, what does the concept of 'mutual assent' require?
Answer: A meeting of the minds on essential terms
Mutual assent requires that both parties objectively agree on the material terms of the contract, judged by outward expressions rather than secret intentions.
Which of the following best describes an option contract?
Answer: An irrevocable offer supported by consideration
An option contract is created when the offeree provides consideration to keep the offer open for a specified period, making it irrevocable during that time.
When does the doctrine of unconscionability apply to a contract?
Answer: When terms are unreasonably favorable to one party due to unequal bargaining power
Unconscionability applies when a contract or clause is so one-sided that it shocks the conscience, typically involving both procedural and substantive unfairness.