5 Questions
What is the definition of a contract?
A legally binding agreement enforceable by law
What are the essential elements of a valid contract?
Offer and Acceptance, Intention to Create Legal Relations, Lawful Consideration, Capacity to Contract, Free Consent
What distinguishes an agreement from a contract?
Legal enforceability
What is lawful consideration in a contract?
Something of value given in exchange for a promise
What is necessary for parties to genuinely agree in a contract?
Free consent without duress, undue influence, misrepresentation, mistake, or fraud
Test your understanding of the basics of contract law with this quiz. Explore the definition of a contract, its enforceability, and the key elements that make an agreement legally binding. Enhance your knowledge of contract law concepts and terminology.
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