Ch 3: Contracts
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Questions and Answers

Which act regulates the terms of credit transactions in a Hire Purchase Agreement?

  • The National Credit Act (correct)
  • The Hire Purchase Act
  • The Rental Housing Act
  • The Legal Formation of Contracts Act

    • What is the primary requirement for the legal formation of a contract?

  • The contract's terms must be achievable
  • The contract's purpose must be lawful
  • The contract must be in writing
  • All parties must be of legal age and sound mind (correct)

    • What type of contract pertains to the renting of property?

  • Hire Purchase Agreement
  • Rental Agreement (correct)
  • Lease Agreement
  • Sales Agreement

    • What is the duration of ownership in a Hire Purchase Agreement?

    <p>After the final installment</p> Signup and view all the answers

    What act outlines the rights and responsibilities of landlords and tenants?

    <p>The Rental Housing Act</p> Signup and view all the answers

    Which of the following is NOT a common cause of breach of contract?

    <p>All parties agreeing freely without coercion</p> Signup and view all the answers

    What is the primary purpose of understanding the complexities of various contracts?

    <p>All of the above</p> Signup and view all the answers

    Which type of contract allows a buyer to possess and use goods while paying for them in installments?

    <p>Hire Purchase Agreement</p> Signup and view all the answers

    What is NOT included in a Rental Agreement?

    <p>Insurance coverage</p> Signup and view all the answers

    Which of the following is NOT a requirement for the legal formation of a contract?

    <p>All contracts must be in writing</p> Signup and view all the answers

    Which type of contract covers the lives of key personnel?

    <p>Insurance Contract</p> Signup and view all the answers

    What legal requirements must an Employment Contract adhere to?

    <p>Minimum wage, working hours, and termination conditions</p> Signup and view all the answers

    In a Lease Agreement, who is the lessee?

    <p>The one using the assets</p> Signup and view all the answers

    What is the purpose of an Insurance Contract?

    <p>To protect against potential losses</p> Signup and view all the answers

    Which type of insurance covers assets against accidents or crimes?

    <p>Short-term Insurance</p> Signup and view all the answers

    What are some important inclusions in an Employment Contract?

    <p>Compensation and job responsibilities</p> Signup and view all the answers

    Which contract allows access to equipment without substantial upfront capital?

    <p>Lease Agreement</p> Signup and view all the answers

    'Premium amounts' and 'excess fees' are key components of which contract?

    <p>Insurance Contract</p> Signup and view all the answers

    What does a Lease Agreement allow one party to do?

    <p>Use assets owned by another party for a specified period</p> Signup and view all the answers

    What is the primary difference between a Lease Agreement and a Hire Purchase Agreement?

    <p>The ownership of the asset</p> Signup and view all the answers

    Which legal concept ensures that all parties agree to a contract without coercion?

    <p>Consent</p> Signup and view all the answers

    In what type of contract does the seller retain the right to repossess the goods if terms are violated?

    <p>Hire Purchase Agreement</p> Signup and view all the answers

    Which act governs the terms of credit transactions in a Hire Purchase Agreement?

    <p>Hire Purchase Act</p> Signup and view all the answers

    What must be achieved for a contract's terms to be considered valid?

    <p>Possibility</p> Signup and view all the answers

    Which concept in contracts refers to errors or inaccuracies within the contract?

    <p>Ambiguities</p> Signup and view all the answers

    What is a key detail included in a Rental Agreement but not typically found in an Employment Contract?

    <p>Deposit amount</p> Signup and view all the answers

    Which document outlines the rights and responsibilities of landlords and tenants in property rentals?

    <p>'Rental Housing Act'</p> Signup and view all the answers

    'Errors or inaccuracies within the contract' are common causes of breach of contract related to which legal concept?

    <p>'Legality'</p> Signup and view all the answers

    What is a key component of an Insurance Contract?

    <p>Premium amounts</p> Signup and view all the answers

    In an Employment Contract, what does 'compensation' primarily refer to?

    <p>Salary or wages</p> Signup and view all the answers

    Which of the following is NOT an important inclusion in a Lease Agreement?

    <p>Tax implications</p> Signup and view all the answers

    What is the primary purpose of a Rental Agreement?

    <p>To provide a legal framework for property usage</p> Signup and view all the answers

    Which component is NOT typically included in an Employment Contract?

    <p>Tax deductions</p> Signup and view all the answers

    What distinguishes Life Insurance from Short-term Insurance under an Insurance Contract?

    <p>Insured assets</p> Signup and view all the answers

    In a Lease Agreement, who is the lessor?

    <p>The owner of the assets</p> Signup and view all the answers

    What is the main function of an Employment Contract?

    <p>Specifies job responsibilities</p> Signup and view all the answers

    Which key detail is mentioned in an Insurance Contract?

    <p>Premium payment terms</p> Signup and view all the answers

    What does a Lease Agreement primarily provide to the lessee?

    <p>Access to equipment without capital investment</p> Signup and view all the answers

    What is a defining characteristic of a Rental Agreement in terms of regulations?

    <p>Subject to the Rental Housing Act</p> Signup and view all the answers

    Which concept ensures that all parties must agree freely without coercion in the legal formation of contracts?

    <p>Consent</p> Signup and view all the answers

    What is a key difference between a Lease Agreement and a Hire Purchase Agreement regarding ownership?

    <p>In a Hire Purchase Agreement, the buyer gains ownership after the final installment.</p> Signup and view all the answers

    Which Act governs the terms of credit transactions in a Hire Purchase Agreement?

    <p>Hire Purchase Act</p> Signup and view all the answers

    What is NOT typically included in a Lease Agreement?

    <p>Escalation clause</p> Signup and view all the answers

    What is the primary function of an Employment Contract?

    <p>Clarify roles and expectations</p> Signup and view all the answers

    'Errors or inaccuracies within the contract' are common causes of breach of contract related to which element?

    <p>Form</p> Signup and view all the answers

    What act outlines the rights and responsibilities of landlords and tenants in property rentals?

    <p>Rental Housing Act</p> Signup and view all the answers

    Which contract allows a business to rent equipment without substantial upfront capital while also allowing for tax deductible expenses?

    <p>Lease Agreement</p> Signup and view all the answers

    Which contract type protects businesses from potential losses due to unforeseen events, and specifically covers the lives of key personnel?

    <p>Life Insurance</p> Signup and view all the answers

    Which contract's primary purpose is to provide an organization with employees who are paid for specific tasks, while also adhering to the Basic Conditions of Employment Act?

    <p>Employment Contract</p> Signup and view all the answers

    Which contract type pertains to the renting of property, where the lessor retains the right to repossess the goods if terms are violated?

    <p>Lease Agreement</p> Signup and view all the answers

    Which contract type ensures access to equipment without substantial upfront capital, but does not provide the lessee with ownership rights at the end of the contract?

    <p>Lease Agreement</p> Signup and view all the answers

    Which legal concept ensures that all parties agree to a contract without coercion, and is critical for the validity of a contract's terms?

    <p>Free Consent</p> Signup and view all the answers

    Which act regulates the terms of credit transactions in a Hire Purchase Agreement, and outlines the rights and responsibilities of the parties involved?

    <p>National Credit Act</p> Signup and view all the answers

    Which contract type is primarily used for renting property, and includes the Rental Housing Act as a governing document outlining the rights and responsibilities of landlords and tenants?

    <p>Rental Agreement</p> Signup and view all the answers

    Which contract type is considered valid only when there is a lawful consideration, a lawful object, capable parties, and free consent between the parties involved?

    <p>All contracts</p> Signup and view all the answers

    Which contract type outlines the terms for the sale of goods on credit, where the seller retains the right to repossess the goods if the buyer violates the contract's terms?

    <p>Hire Purchase Agreement</p> Signup and view all the answers

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