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Contract Formation Essentials Quiz

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Questions and Answers

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?

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?

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?

<p>Transformation of negotiations into a settled deal</p> Signup and view all the answers

What is sometimes said to be a third element in the formation of a contract?

<p>Intention to create legal relations</p> Signup and view all the answers