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Joint Obligation Contracts: Obligations and Promises of Parties

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Paul and Mary want to live together. Neither of them want to be obligated to the other party's share of rent because they are not sure things will work out as planned. What should they do?

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1. Alexander just bought an apartment building containing six units. Each unit collects $600 rent per month. The previous owner did not have lease agreements. Alexander was concerned that he could lose income if tenants do not pay rent. What should he do?

2. Which of the following is a true statement about the similarities of a joint and a bilateral contract?

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About This Quiz & Worksheet

This quiz/worksheet combo can help you assess your knowledge of joint obligation contracts and ways they are used today. In order to pass the quiz, you will need to know the elements of contracts and joint contracts.

Quiz & Worksheet Goals

Use this worksheet and quiz to review:

  • Elements of a contract
  • Joint obligation contracts
  • Bilateral contracts

Skills Practiced

This quiz and corresponding worksheet can help you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related business law lesson
  • Information recall - access the knowledge you have gained regarding joint obligation contracts
  • Knowledge application - use your knowledge to answer questions about elements of a contract

Additional Learning

To learn more, review the accompanying lesson Joint Obligation Contracts: Obligations and Promises of Parties. This lesson will help you:

  • Define joint obligation contracts
  • Determine the purpose of survivorship
  • Identify the traits of a bilateral contract
  • Learn when several contracts are used
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