Contract Law Basics
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Questions and Answers

What is a characteristic of a valid offer?

  • It must be made with the intention of not concluding a contract
  • It can be made to the public at large
  • It can be ambiguous and unclear
  • It must be communicated to a particular person or persons (correct)

    • What happens when an auctioneer accepts an offer at an auction?

  • The auctioneer rejects all other bids
  • The auctioneer makes a new offer to the highest bidder
  • A contract is concluded and the sale is finalized (correct)
  • The bidder can withdraw their offer

    • What is the main difference between a quote and a tender?

  • A quote is an invitation to treat, while a tender is an offer
  • A quote is an offer, while a tender is an invitation to treat (correct)
  • A quote is only used in auctions, while a tender is used in business
  • A quote is used in business, while a tender is used in auctions

    • What happens to an offer if it is not accepted?

    <p>It can be revoked by the offeror</p> Signup and view all the answers

    What is the purpose of the Consumer Protection Act 68 of 2008?

    <p>To protect consumers from incorrect price displays</p> Signup and view all the answers

    What is the purpose of a reserve price in an auction?

    <p>To set a minimum price that must be exceeded</p> Signup and view all the answers

    Where is a contract concluded according to the Information Theory?

    <p>Where and when the offeror is informed of acceptance</p> Signup and view all the answers

    What is the condition for the Postal Theory to apply?

    <p>The offer must be made by post and in the normal run of business</p> Signup and view all the answers

    When does the contract conclude according to the Postal Theory?

    <p>When the acceptance is posted</p> Signup and view all the answers

    What is the time period within which 'A must pay'?

    <p>14 days from conclusion of the contract</p> Signup and view all the answers

    What is the requirement for acceptance in the Postal Theory?

    <p>The acceptance must be made via the post</p> Signup and view all the answers

    What is the significance of the 15th of January in the Information Theory example?

    <p>The day the offeror was informed of the acceptance</p> Signup and view all the answers

    What is an exception to the postal rule?

    <p>Revoking acceptance by a faster medium of communication</p> Signup and view all the answers

    What is the main difference between the postal rule and the receipt theory?

    <p>The postal rule considers the time of posting, while the receipt theory considers the time of receipt</p> Signup and view all the answers

    What determines the time of receipt according to the Electronic Communications and Transactions Act?

    <p>When the message enters the addressee's information system</p> Signup and view all the answers

    Where is a contract considered concluded according to the Electronic Communications and Transactions Act?

    <p>At the usual place of business or residence of the offeror</p> Signup and view all the answers

    What is the significance of the date on which the message is received in the offeror's inbox?

    <p>It is the date on which the contract is deemed concluded</p> Signup and view all the answers

    What is a possible consequence of the receipt theory?

    <p>The contract is concluded without the offeror's knowledge</p> Signup and view all the answers

    What is the effect of a valid acceptance on an offer?

    <p>A contract comes into existence</p> Signup and view all the answers

    Which of the following is a requirement for a valid acceptance?

    <p>The acceptance must be communicated to the offeror</p> Signup and view all the answers

    What is the result of an enquiry about the terms of an offer?

    <p>It is not an acceptance</p> Signup and view all the answers

    When does a contract come into existence?

    <p>When the acceptance is made</p> Signup and view all the answers

    What is the significance of the time and place of acceptance?

    <p>It determines the jurisdiction of the court</p> Signup and view all the answers

    What is the difference between a partial acceptance and a valid acceptance?

    <p>A partial acceptance requires additional information</p> Signup and view all the answers

    According to the reliance theory, what is required for a contract to be in existence?

    <p>Reasonable reliance on the conduct of the other party</p> Signup and view all the answers

    What is the term for a reasonable, material mistake that excludes consensus and makes the contract void?

    <p>Iustus error</p> Signup and view all the answers

    What makes a mistake material in a contract?

    <p>All of the above</p> Signup and view all the answers

    What happens if the mistaken party's material mistake is not reasonable?

    <p>The contract is deemed to be valid</p> Signup and view all the answers

    What is the key difference between the reliance theory and the will theory?

    <p>The reliance theory allows for a contract to exist without consensus</p> Signup and view all the answers

    What is required for a person to reasonably rely on the conduct of another party?

    <p>The conduct must be reasonable and believable</p> Signup and view all the answers

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