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Questions and Answers
What are the mandatory ingredients of a valid contract?
What are the mandatory ingredients of a valid contract?
- Agreement, Promise, Consideration, Unconditional acceptance
- Offer, Acceptance, Promise, Unilateral
- Agreement, Acceptance, Consideration, Unconditional offer
- Offer, Acceptance, Consideration, ITCLR (correct)
What is required for an offer to be valid?
What is required for an offer to be valid?
- Conditional acceptance by the offeree
- Acceptance without consideration
- Acceptance by multiple parties
- Unconditional acceptance by the offeree (correct)
What distinguishes a bilateral contract from a unilateral contract?
What distinguishes a bilateral contract from a unilateral contract?
- In a bilateral contract, all parties assume an obligation, while in a unilateral contract, a promise is made in return for an act (correct)
- In a bilateral contract, a promise is made in return for an act, while in a unilateral contract, all parties assume an obligation
- In a bilateral contract, a promise is made without any obligation, while in a unilateral contract, all parties assume obligations
- In a bilateral contract, only one party assumes an obligation, while in a unilateral contract, all parties make promises
What is the process that is required for an agreement to be enforceable as a contract?
What is the process that is required for an agreement to be enforceable as a contract?
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What does ITCLR stand for in the context of a valid contract?
What does ITCLR stand for in the context of a valid contract?
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