5 Questions
What is the definition of a contract?
A contract is an agreement under which parties to it have assumed obligations voluntarily, with an intention to be bound by it.
What are the key components of a contract?
The key components of a contract are agreement, voluntary assumption of obligations, and intention to be bound by the agreement.
Can a contract be made orally?
Yes, a contract can be made orally, in writing, or by conduct.
What is the objective test when determining if there is an agreement?
The objective test determines whether or not there is an agreement based on whether a reasonable person would believe there is an agreement.
Does a contract need to be made in writing?
Unless the law expressly requires, a contract need not be made in writing. It can be made orally, written, or by conduct.
Test your knowledge of contract law with this quiz! Learn about the definition of a contract, the types of offers, and the differences between offers and other communications. Improve your problem analysis skills and understand the key components of contractual agreements.
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