KVV Inc. Training Centre Test - Law of Contract

Law of Contract
This is a multiple choice questionnaire of 10 questions.

Please read each question carefully and provide your answers as indicated.

Good Luck!

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* 1. Kindly provide your full details to begin with test.

Full Name

Company

Email Address

Contact Number

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* 2. A contract is an agreement with the _____________ intention of being legally bound.

possible

serious

probable

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* 3. Consensus means -

Disagreement

Giving consent

A meeting of the minds

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* 4. Which of the following persons have full Contractual Capacity?

A minor under the age of 7

An insolvent person

A person married Out of Community of Property

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* 5. Is an illegal contract enforceable in a Court of Law?

Yes

Maybe

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* 6. Which are the formalities for a valid contract for the sale of land?

Parties, Property Description, Purchase Price, Reduced to writing and signed by both parties

Parties, Estate Agent, Commission, Purchase Price

Property Description, Voetstoots clause, Purchase Price

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* 7. An example of a Suspensive Condition will be:

The granting of a bond

The payment of a deposit

The payment of the Estate Agents Commission

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* 8. When a Seller makes amendments to a contract when accepting the offer made by the Purchaser it comes down to:

Acceptance and a valid contract

A Counter Offer which must first be accepted again by the Purchaser

It is not of any significance

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* 9. Must a contract have witnesses to be valid?

Yes

No, but it is always required by the banks

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* 10. If a party to a contract does not perform in terms of the contract:

Such a party is in breach of contract and must be placed on terms before the aggrieved party may cancel

Such a party can do as he pleases and the other party must accept it

The contract is immediately cancelled

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* 11. An aggrieved party has the following remedies against the defaulting party:

Cancel the contract and claim damages

Specific performance and claim damages

Either one of the above