BrainMass Quizzes Contract Requirments How much do you know about the legal requirements for a contract? Find out with this quiz! 1 What is an example of something that would fall under the Statute of Frauds? Sale of land Contract that can not be completed in one year Contracts for sale of goods over $500 All of the above None of the above 2 What is required for a valid contract? Offer, Acceptance, Consideration Offer, Counteroffer, Consideration Offer and Acceptance Offer and Forfiture None of the Above 3 Love and affection is sufficient consideration to make a contract enforceable. True False 4 Which is a common type of consideration? Real/Personal property A return promise A forbearance All of the above None of the above 5 The original bargainer can respond to a counteroffer with an acceptance, refusal, or counteroffer of their own. True False Submit Quiz
