Podcast
Questions and Answers
What is the definition of a contract according to section 2(h)?
What is the definition of a contract according to section 2(h)?
- A proposal when accepted becomes a promise
- Every promise and set of promises forming consideration for each other
- An agreement enforceable by law (correct)
- A promise and every set of promises forming consideration for each other
What is the key element of an agreement according to section 2(e)?
What is the key element of an agreement according to section 2(e)?
- Intention to create legal relationship
- Consideration (correct)
- Acceptance
- Offer
Which type of contract is valid unless avoided by either party?
Which type of contract is valid unless avoided by either party?
- Invalid contract
- Voidable contract (correct)
- Illegal contract
- Void contract
What happens if any one condition of a contract is not fulfilled?
What happens if any one condition of a contract is not fulfilled?
What creates only legal obligations between the parties?
What creates only legal obligations between the parties?
What type of contract is forbidden by law?
What type of contract is forbidden by law?
What is a contract that is valid but becomes void due to a technical defect such as lack of registration or signature?
What is a contract that is valid but becomes void due to a technical defect such as lack of registration or signature?
In which case do both parties make identical offers to each other in ignorance of the other's offer?
In which case do both parties make identical offers to each other in ignorance of the other's offer?
What type of offer is made when it is given to a specific person?
What type of offer is made when it is given to a specific person?
What type of contract involves one party performing their obligation while the other party is yet to perform their obligation?
What type of contract involves one party performing their obligation while the other party is yet to perform their obligation?
What type of offer is given to the entire world at large?
What type of offer is given to the entire world at large?
What kind of contract is imposed on a party by law even though it was not actually entered into by the parties?
What kind of contract is imposed on a party by law even though it was not actually entered into by the parties?
What type of offer remains continuously enforceable for a certain period of time?
What type of offer remains continuously enforceable for a certain period of time?
In which case does a person desire modification of the terms of the offer instead of accepting the original terms?
In which case does a person desire modification of the terms of the offer instead of accepting the original terms?
When does an implied offer occur?
When does an implied offer occur?
What type of contract involves both parties having performed their obligations?
What type of contract involves both parties having performed their obligations?
