Podcast
Questions and Answers
In auctions with reserve, what must the bid be higher than?
In auctions with reserve, what must the bid be higher than?
- The reserve price (correct)
- The auctioneer's commission
- The starting bid
- The estimated value of the item
When is an offer considered accepted in an auction?
When is an offer considered accepted in an auction?
- When the auctioneer announces the item sold
- When the highest bidder makes a payment
- When the hammer falls (correct)
- When the auction begins
What happens when a counter offer is made in contract law?
What happens when a counter offer is made in contract law?
- It invalidates the original offer
- It creates a new offer with different terms (correct)
- It extends the validity of the original offer
- It leads to an immediate sale
What act outlines requirements for notice and auctioneer/owner participation in bids for auctions with reserve?
What act outlines requirements for notice and auctioneer/owner participation in bids for auctions with reserve?
How are offers terminated in contract law?
How are offers terminated in contract law?
What determines when offers may be terminated?
What determines when offers may be terminated?
What is the 4th requirement for a valid acceptance in contract law?
What is the 4th requirement for a valid acceptance in contract law?
In contract law, who is the one that sets the terms for acceptance?
In contract law, who is the one that sets the terms for acceptance?
What theory states that a contract comes into being at the place where the letter of acceptance was posted?
What theory states that a contract comes into being at the place where the letter of acceptance was posted?
When does a contract come into being according to the declaration theory?
When does a contract come into being according to the declaration theory?
What is crucial in determining if a prescribed method of acceptance is the only method in a contract?
What is crucial in determining if a prescribed method of acceptance is the only method in a contract?
Which theory is particularly relevant to postal contracts in South African law?
Which theory is particularly relevant to postal contracts in South African law?
What is the second requirement for acceptance of an offer?
What is the second requirement for acceptance of an offer?
In the context of option contracts, what is the process known as when a person transfers the right of acceptance to a third party?
In the context of option contracts, what is the process known as when a person transfers the right of acceptance to a third party?
What was established in the case of Baird versus Somerville and another regarding offers made to specific persons?
What was established in the case of Baird versus Somerville and another regarding offers made to specific persons?
Why could the respondent in the case of Blum versus the American Swiss Watch Company not recover a reward offered by the company?
Why could the respondent in the case of Blum versus the American Swiss Watch Company not recover a reward offered by the company?
What requirement does the text emphasize regarding acceptance in order for a contract to be formed?
What requirement does the text emphasize regarding acceptance in order for a contract to be formed?
Why is joint acceptance by multiple individuals not permissible as per the text?
Why is joint acceptance by multiple individuals not permissible as per the text?
According to the postal rule theory, when is an acceptance of a contract deemed to be accepted?
According to the postal rule theory, when is an acceptance of a contract deemed to be accepted?
In South Africa, in general, when does a contract come into being according to the prevailing theory?
In South Africa, in general, when does a contract come into being according to the prevailing theory?
What is true about the termination of an offer?
What is true about the termination of an offer?
Which theory applies to contracts concluded by electronic means?
Which theory applies to contracts concluded by electronic means?
For contracts concluded by telephone or fax, which theory is followed according to South African law?
For contracts concluded by telephone or fax, which theory is followed according to South African law?
What is required for a valid acceptance according to the text?
What is required for a valid acceptance according to the text?
Which theory applies to agreements concluded by data message?
Which theory applies to agreements concluded by data message?
When does revocation of an offer become effective?
When does revocation of an offer become effective?
What is the exception to the general rule in South Africa regarding when a contract comes into being?
What is the exception to the general rule in South Africa regarding when a contract comes into being?
What happens if an acceptance contains new terms different from the original offer?
What happens if an acceptance contains new terms different from the original offer?
Under what circumstances can an offer be terminated by revocation?
Under what circumstances can an offer be terminated by revocation?
What can lead to a termination of an offer based on legal capacity?
What can lead to a termination of an offer based on legal capacity?
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