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Business Administration Level 5: Contract Law Principles Quiz

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Business Administration Level 5: Contract Law Principles Quiz

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Questions and Answers

What are the three key elements of a binding contract?

Offer, Acceptance, Consideration

What is the notion of Free Contract in terms of contract law?

The parties to the contract must have entered into the agreement freely.

Explain the difference between Bilateral and Unilateral Contracts.

Bilateral contracts involve a promise from both parties, while unilateral contracts involve a promise from one party in exchange for an act from the other.

What is the initial step in the completion of a contract?

The Offer Signup and view all the answers

What are the essential elements of a contract?

Offer, Acceptance, Consideration Signup and view all the answers

What must the purpose of an agreement in a contract not be?

Illegal or contrary to public policy Signup and view all the answers

What are the three key elements of an offer that must be present to make it acceptable by another party?

A statement of intent, a specific proposal made in specific terms, a communication identifying the party for which the contract is offered Signup and view all the answers

How is an invitation to treat different from an offer?

An invitation to treat only invites the party to make an offer and is not intended to be binding. Signup and view all the answers

What is the part of the contract process that is most dependent on the second party involved?

Acceptance Signup and view all the answers

In what ways can an offer be made?

By writing, the spoken word, or mere actions Signup and view all the answers

If any three key elements of an offer are not present to a satisfying degree, what will be the result?

The offer will not be acceptable Signup and view all the answers

What does the party do during the acceptance stage of the contract process?

Consider the offer on hand and choose to accept or reject it Signup and view all the answers

Who can accept an offer?

The party to whom the offer is directed Signup and view all the answers

What is the final stage of a contract?

The consideration Signup and view all the answers

What items can be exchanged as part of the consideration in a contract?

Money, promissory notes, intellectual property, land, mineral rights, stock Signup and view all the answers

What is one of the essential elements of a valid contract?

Enforceability Signup and view all the answers

Under what conditions can a contract be considered voidable?

Voidable Contracts Signup and view all the answers

In a contract, who must acceptance be made in accordance with?

The manner requested by the offering party Signup and view all the answers