18 Questions
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
What are the essential elements of a contract?
Offer, Acceptance, Consideration
What must the purpose of an agreement in a contract not be?
Illegal or contrary to public policy
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
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.
What is the part of the contract process that is most dependent on the second party involved?
Acceptance
In what ways can an offer be made?
By writing, the spoken word, or mere actions
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
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
Who can accept an offer?
The party to whom the offer is directed
What is the final stage of a contract?
The consideration
What items can be exchanged as part of the consideration in a contract?
Money, promissory notes, intellectual property, land, mineral rights, stock
What is one of the essential elements of a valid contract?
Enforceability
Under what conditions can a contract be considered voidable?
Voidable Contracts
In a contract, who must acceptance be made in accordance with?
The manner requested by the offering party
Test your knowledge on assessing legal issues in contractual arrangements and the principles of contract law within a legal environment. Topics include defining 'Contract' and understanding various forms of contracts.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
