Podcast
Questions and Answers
What are the elements of a contract?
What are the elements of a contract?
- Agreement, competent parties, assent, consideration, lawful purpose (correct)
- Offer, acceptance, consideration, legality, capacity
- Consent, legality, capacity, intention, certainty
- Proposal, acceptance, intention, certainty, possibility of performance
What is the subject matter of a contract?
What is the subject matter of a contract?
- Goods, services, or property (correct)
- Money, goods, or services
- Rights, obligations, or liabilities
- Promises, obligations, or benefits
Who typically has 'standing' to enforce a contract?
Who typically has 'standing' to enforce a contract?
- Government authorities
- Legal advisors
- Third parties
- Parties to the contract (correct)
How is the intent to make a legally binding agreement determined?
How is the intent to make a legally binding agreement determined?
When is a contract formed?
When is a contract formed?
What standard is used to determine the intent to make a legally binding agreement?
What standard is used to determine the intent to make a legally binding agreement?
What does 'privity of contract' refer to?
What does 'privity of contract' refer to?
In a multilateral contract, how many parties are involved?
In a multilateral contract, how many parties are involved?
What represents a set of promises and creates legal rights and duties between the parties to the contract?
What represents a set of promises and creates legal rights and duties between the parties to the contract?
What must a contract be supported by?
What must a contract be supported by?
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Study Notes
Elements of a Contract
- A valid contract consists of four essential elements: offer, acceptance, consideration, and intention to create a legal relationship
- Offer refers to the proposal made by one party to another
- Acceptance refers to the unconditional agreement to the terms of the offer
- Consideration refers to the benefit or value received by each party
- Intention to create a legal relationship refers to the parties' genuine desire to be legally bound
Subject Matter of a Contract
- The subject matter of a contract refers to the thing or right that is the focus of the agreement
- It can be a tangible or intangible object, a service, or a right
Standing to Enforce a Contract
- Typically, only the parties to the contract have standing to enforce it
- Privity of contract refers to the direct relationship between the parties to the contract
Intent to Make a Legally Binding Agreement
- The intent to make a legally binding agreement is determined by the presence of the four essential elements: offer, acceptance, consideration, and intention to create a legal relationship
- The objective test is used to determine the intent to make a legally binding agreement
- The objective test examines the circumstances of the agreement to determine if a reasonable person would believe the parties intended to be legally bound
Formation of a Contract
- A contract is formed when the four essential elements are present and the parties reach a mutual agreement
Multilateral Contract
- A multilateral contract involves three or more parties
Contract and Legal Rights
- A contract represents a set of promises and creates legal rights and duties between the parties to the contract
- A contract must be supported by consideration to be enforceable
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