Questions and Answers
Which type of contract involves a promise made by only one party?
Unilateral Contract
What is the legal relationship that exists between parties to an agreement, where they acquire personal rights against each other?
Obligation
What is the key difference between a contract and an agreement?
Intention of the parties
Who is entitled to take action to enforce a contract?
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What is an example of an agreement that is not a contract?
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What is the primary function of contract law in business transactions?
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What is the fundamental principle of contract law that allows parties to create their own rights and duties?
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What is the minimum number of persons required to form a valid contract?
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Why is contract law an important area of business law?
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In what capacity can Mr. Malcolm enter into a contract with ABC company if he owns the house to be rented?
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