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1. 
What is the difference between contracts and agreements?
A.
Contracts are informal agreements.
B.
Agreements are verbal contracts.
C.
Contracts are legally binding agreements.
D.
Contracts are always written.
2. 
Identify two types of contracts for given situations.
A.
Express and implied contracts.
B.
Bilateral and unilateral contracts.
C.
Void and voidable contracts.
D.
Oral and written contracts.
3. 
State the differences between the two types of contracts identified.
A.
Express contracts require consideration, while implied contracts do not.
B.
Express contracts are verbal, while implied contracts are written.
C.
Express contracts are explicitly stated, while implied contracts are inferred from actions.
D.
Express contracts are voidable, while implied contracts are void.
4. 
What are the rules governing consideration in contracts?
A.
Consideration must be something of value exchanged between parties.
B.
Consideration is optional in contracts.
C.
Consideration is only required in written contracts.
D.
Consideration must be monetary.
5. 
Differentiate between executed and executory consideration.
A.
Executed consideration is void, while executory consideration is valid.
B.
Executed consideration has been completed, while executory consideration is yet to be fulfilled.
C.
Executed consideration is verbal, while executory consideration is written.
D.
Executed consideration is optional, while executory consideration is mandatory.
6. 
Explain the term competence of the party in a contract.
A.
Competence refers to the financial status of a party.
B.
Competence is determined by the age of the party.
C.
Competence refers to the legal capacity of a party to enter into a contract.
D.
Competence is not relevant in contract law.
7. 
What does the phrase 'intention to create legal relations' mean?
A.
It is only applicable in verbal agreements.
B.
It refers to the parties' intent to renegotiate the contract.
C.
It signifies the parties' intent to be legally bound by the terms of the contract.
D.
It indicates the parties' intent to avoid legal obligations.