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Questions and Answers
What is the definition of a contract?
What is the definition of a contract?
- A legally binding agreement enforceable by law (correct)
- An arrangement between parties without mutual understanding
- A commitment that is not legally binding
- An understanding between parties without legal enforceability
What are the essential elements of a valid contract?
What are the essential elements of a valid contract?
- Offer and Acceptance, Legal Intent, Lawful Consideration, Capacity to Contract, Free Will
- Offer and Acceptance, Intention to Create Legal Relations, Lawful Consideration, Capacity to Contract, Free Consent (correct)
- Offer and Acceptance, Legal Binding, Consideration, Capacity to Contract, Mutual Agreement
- Offer and Acceptance, Meeting of Minds, Intention to Create Legal Relations, Consideration, Mutual Understanding
What distinguishes an agreement from a contract?
What distinguishes an agreement from a contract?
- Meeting of minds
- Mutual understanding
- Exchange of something of value
- Legal enforceability (correct)
What is lawful consideration in a contract?
What is lawful consideration in a contract?
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What is necessary for parties to genuinely agree in a contract?
What is necessary for parties to genuinely agree in a contract?
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