Contract Essentials Quiz

A written contract is important as it serves as evidence of the terms agreed upon by the parties, helps in avoiding disputes, and provides clarity and certainty regarding the rights and obligations of the parties involved.

The essential conditions of a valid offer include an intention to create legal relations, certainty and completeness of the terms, communication of the offer to the offeree, and the offer must be made with the intention of obtaining the assent of the offeree.

Communication of acceptance refers to the act of conveying the acceptance of an offer by the offeree to the offeror. It is essential for the acceptance to be effectively communicated to the offeror in order to create a binding agreement.

<p>Revocation of proposal refers to the withdrawal of an offer by the offeror before it is accepted by the offeree. Once the revocation is effectively communicated to the offeree, the offer ceases to exist and cannot be accepted.</p> Signup and view all the answers

<p>Consideration is the price paid by one party for the promise of the other. It is essential for the formation of a valid contract as it signifies that each party is giving something of value in exchange for the promise of the other, thus making the contract legally enforceable.</p> Signup and view all the answers