Contract Law: Offer and Acceptance

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What is the condition precedent for the offer to buy a car in Financing Ltd vs Stimson?

The car must be in a damaged condition

The car must be sold immediately

The car must be in good condition (correct)

The car must be sold at a discounted price

What happens to the offer when the offeror dies or becomes mentally disordered, according to Sect 6(d) of CA 1950?

The offer is suspended for a reasonable time

The offer is revoked only if the offeree knows about the death or mental disorder (correct)

The offer is terminated immediately

The offer is accepted by default

Who can revoke the offer according to Sect 6(a) of CA 1950?

Only the offeror (correct)

Only the offeree

Either the offeror or the offeree

Neither the offeror nor the offeree

When can the offeree revoke their acceptance, according to Sect 5(2) of CA 1950?

At any time before the acceptance is communicated Signup and view all the answers

How must the revocation of acceptance be communicated to the offeror?

Through a positive conduct Signup and view all the answers

When is the communication of a revocation of acceptance complete against the offeror?

When the offeror puts the revocation into a course of transmission Signup and view all the answers

Which of the following is a valid contract despite the absence of consideration?

A promise made on account of natural love and affection between parties standing in a near relation to each other. Signup and view all the answers

What is the significance of the Limitation Ordinance 1953 in contracts?

It determines the statute of limitations for recovering debts. Signup and view all the answers

What is the condition for a contract to be binding under Section 26 (a)?

All of the above. Signup and view all the answers

What is required for a new agreement to pay a statute-barred debt to be valid?

The promise is in writing and signed by the debtor or authorized agent. Signup and view all the answers

Which section of the contract law states that an agreement made without consideration is void unless certain conditions are met?

Section 26 Signup and view all the answers

What is the effect of a promise made without consideration on a contract?

The contract is void. Signup and view all the answers

What is the outcome if the consideration in a contract is inadequate?

The contract is valid, and the consideration is enforceable. Signup and view all the answers

Which of the following is not a situation where a contract is valid despite the absence of consideration?

A contract made without any condition. Signup and view all the answers

What is the main principle in the case of Phang Swee Kim vs Beh I Hock?

The consideration does not affect the validity of the contract. Signup and view all the answers

What is the significance of a written promise to pay a debt?

It creates a new contract under section 26 (c). Signup and view all the answers

What is the requirement for a contract to be made on account of natural love and affection?

All of the above. Signup and view all the answers

What is the outcome if a debtor makes a fresh promise to pay a statute-barred debt?

The promise becomes a valid contract. Signup and view all the answers

Contract Law: Offer and Acceptance

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Questions and Answers

What is the condition precedent for the offer to buy a car in Financing Ltd vs Stimson?

What happens to the offer when the offeror dies or becomes mentally disordered, according to Sect 6(d) of CA 1950?

Who can revoke the offer according to Sect 6(a) of CA 1950?

When can the offeree revoke their acceptance, according to Sect 5(2) of CA 1950?

How must the revocation of acceptance be communicated to the offeror?

When is the communication of a revocation of acceptance complete against the offeror?

Which of the following is a valid contract despite the absence of consideration?

What is the significance of the Limitation Ordinance 1953 in contracts?

What is the condition for a contract to be binding under Section 26 (a)?

What is required for a new agreement to pay a statute-barred debt to be valid?

Which section of the contract law states that an agreement made without consideration is void unless certain conditions are met?

What is the effect of a promise made without consideration on a contract?

What is the outcome if the consideration in a contract is inadequate?

Which of the following is not a situation where a contract is valid despite the absence of consideration?

What is the main principle in the case of Phang Swee Kim vs Beh I Hock?

What is the significance of a written promise to pay a debt?

What is the requirement for a contract to be made on account of natural love and affection?

What is the outcome if a debtor makes a fresh promise to pay a statute-barred debt?

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