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Questions and Answers
What are the two main requirements for the formation of a contract?
What are the two main requirements for the formation of a contract?
- Agreement and intention to create legal relations
- Consideration and intention to create legal relations
- Agreement and negotiation process
- Agreement and consideration (correct)
What is the traditional point when negotiations are considered to have ended and an agreement is reached in a commercial arrangement?
What is the traditional point when negotiations are considered to have ended and an agreement is reached in a commercial arrangement?
- Signing of the contract
- Transformation of negotiations into a settled deal (correct)
- Exchange of contract drafts
- Agreement on all minor points
Why is the intention to create legal relations not usually a problem in the formation of a contract?
Why is the intention to create legal relations not usually a problem in the formation of a contract?
- It is often overlooked by the parties involved
- It is not a legal requirement
- It is covered under consideration
- It is automatically assumed to exist in the vast majority of cases (correct)
What does 'agreement' mean in the context of a contract according to the text?
What does 'agreement' mean in the context of a contract according to the text?
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What is sometimes said to be a third element in the formation of a contract?
What is sometimes said to be a third element in the formation of a contract?
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