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Questions and Answers
What is the main purpose of a contract?
What is the main purpose of a contract?
- To create unnecessary legal obligations
- To establish dominance over the other party
- To limit business opportunities
- To provide a clear and safe business relationship (correct)
What is 'Pacta sunt servanda' in relation to a contract?
What is 'Pacta sunt servanda' in relation to a contract?
- An agreement can be disregarded at any time
- An agreement is valid only if it benefits one party
- An agreement must be kept (correct)
- An agreement is only valid if both parties are present
What does 'Meeting of Minds' refer to in the context of a contract?
What does 'Meeting of Minds' refer to in the context of a contract?
- A negotiation tactic to confuse the other party
- Mutual agreement on essential terms (correct)
- Physical meeting between the parties involved
- One party's dominance over the other
In English / US Law, what standard is used to determine agreement between parties in a contract?
In English / US Law, what standard is used to determine agreement between parties in a contract?
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According to Storer vs. Manchester, what aspect is considered in contracts?
According to Storer vs. Manchester, what aspect is considered in contracts?
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In the context of a contract, 'Pacta sunt servanda' refers to:
In the context of a contract, 'Pacta sunt servanda' refers to:
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What is the primary purpose of a contract?
What is the primary purpose of a contract?
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Which factor is essential for a meeting of minds in a contract?
Which factor is essential for a meeting of minds in a contract?
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What does 'intention to create a legal obligation' signify in a contract?
What does 'intention to create a legal obligation' signify in a contract?
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In English / US Law, what standard is used to determine agreement between parties in a contract?
In English / US Law, what standard is used to determine agreement between parties in a contract?
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