Contract Law Fundamentals Quiz

The purpose, evolution, and scope of the law of contracts include understanding the principles and concepts that govern agreements, the historical development of contract law, and the extent of its application in various types of agreements and transactions.

A contract is defined as an agreement creating and defining obligations between the parties, enforceable at law, made between two or more persons, by which rights are acquired by one or more to acts or forbearances on the part of the other or others.

The elements of a valid contract discussed in the text include proposal and promise, consideration, capacity to contract, consent, standard form of contracts, lawful object, and discharge of contracts with special reference to the doctrine of frustration.

<p>Sir William Anson defines a contract as an agreement enforceable at law made between two or more persons, by which rights are acquired by one or more to acts or forbearances on the part of the other or others.</p> Signup and view all the answers

<p>Free consent in the context of contracts refers to the voluntary and genuine agreement of the parties to the contract, without any coercion, undue influence, fraud, misrepresentation, or mistake. It is essential for the validity of a contract.</p> Signup and view all the answers