Which one of the following elements is not necessary for a contract? a) Competent parties b) Reasonable terms and conditions. c) Free consent d) Lawful consideration

Consideration, an essential element in the formation of a valid contract, may be identified as:

Which of the following conditions need not be satisfied for substantial performance?Multiple choice question.The formation of a contract between a merchant obligor and a non-merchant obligeeNo willful departure from the terms of the agreementAn honest effort to complete all of the contract termsCompletion of nearly all of the terms of the agreement

Which of the following best defines consent?Group of answer choicesConsent must be given by at least one partyConsent must be given by choice, by someone who has the freedom and capacity to do soIf consent is given, it means consent to everythingConsent needs to be a written agreement

3. Which of the following are part of the criteria that must be met when accounting for a contract with a customer?I. Commercial substance.II. Approval of the contract by all parties.III. Identification of the payment terms for the goods/services.IV. The collection of the consideration from the customer is remote.  Reading required:    Learning objective 16.3.1 on pages 520-521Group of answer choicesI, II and IV.I, III and IV.II and III only.I, II and III.

Which of the following statements about bilateral and unilateral contracts is not correct?Group of answer choicesA unilateral contract does not require consideration (which means exchange of obligations) but simply a promise to perform an act is sufficientMore than one party is required for both bilateral and unilateral contractsBoth parties are obligated to perform their promises in a bilateral contractOnly one of the parties is obligated to perform an action in a unilateral contract