Ch 21: MTEL Business: Contract Law

About This Chapter

Study the terms and definitions related to contract law before you answer the MTEL Business examination's questions that will require this knowledge. Within this chapter are video lessons and multiple-choice quizzes that focus on contract law topics.

MTEL Business: Contract Law - Chapter Summary

Revisit contract law concepts and requirements by studying this chapter. Several video lessons explain significant elements of laws and contracts, including those that involve the sale of merchandise. You'll learn about the importance of binding oral contracts as well as quasi-contracts, which can take the place of written ones. Build your knowledge in these areas and enhance the probability that you'll provide correct answers to similar questions on the MTEL Business examination. The online video lessons might assist you with:

  • Identifying the terms of different kinds of contracts
  • Outlining the purpose of the statute of frauds contract
  • Understanding examples of quasi-contracts
  • Explaining the doctrine of promissory estoppel
  • Discussing UCC contract law and the terms of its Article 2

Use your tablet or computer to access the video lessons online, stopping as often as you like as you memorize contract law information. Experienced educators narrate the video lessons, which are animated and fun to watch. When you reach the end of a lesson, take the short self-assessment quiz that's featured. Consisting of about five questions, the quizzes will determine your knowledge of contract law and can give you an idea of your readiness for MTEL Business examination's questions.

MTEL Business: Contract Law Chapter Objectives

When you sit for the MTEL Business examination, you'll answer questions in seven subareas. The first subareas is Business Management. The last section of this subarea deals with business laws and contracts. You should have solid knowledge of the Uniform Commercial Code, sales laws and contracts in order to perform well on this subarea. The Business Management section makes up about 21% of the test weighting and it is comprised of 25-27 multiple-choice questions. On the whole, the computer-administered MTEL Business examination includes 100 multiple-choice questions and two open-response items. You must complete all questions in four hours, not including 15 minutes that are allowed for watching a tutorial.

6 Lessons in Chapter 21: MTEL Business: Contract Law
Test your knowledge with a 30-question chapter practice test
Contract Law Terms: Definitions & Contract Types

1. Contract Law Terms: Definitions & Contract Types

A contract is an agreement between two or more parties to perform a service, provide a product or commit to an act and is enforceable by law. There are several types of contracts, and each have specific terms and conditions.

Statute of Frauds Contracts: Definition & Purpose

2. Statute of Frauds Contracts: Definition & Purpose

A statute of frauds is a state law that applies to certain oral contracts. Generally speaking, a statute of frauds requires that certain contracts be in writing and signed by the parties. This lesson explains what these statutes are, what these statutes require and why we have these statutes.

Quasi-Contract: Definition & Examples

3. Quasi-Contract: Definition & Examples

A quasi-contract exists in the absence of a written contract and may be court ordered to avoid one party gaining at the expense of another party's actions.

Doctrine of Promissory Estoppel: Definition, Examples & Elements

4. Doctrine of Promissory Estoppel: Definition, Examples & Elements

The doctrine of promissory estoppel allows a party to recover the benefit of a promise made even if a legal contract does not exist. Use of this doctrine relies on how significant the promisee's loss is in the absence of the fulfilled promise.

Article 2 of the UCC: Definition & Terms

5. Article 2 of the UCC: Definition & Terms

Article 2 of the Uniform Commercial Code (UCC) applies specifically to contracts for the sale of goods. This lesson explains Article 2 of the UCC and defines some common terms found in Article 2.

UCC Contract Law: Requirements

6. UCC Contract Law: Requirements

The Uniform Commercial Code's Article 2 covers contracts for the sale of goods, including the necessary requirements to form a contract. This lesson explains offer and acceptance under the UCC.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

Other chapters within the MTEL Business (19): Practice & Study Guide course