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Contract Terms and Conditions

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Questions and Answers

What is the point at which an acceptance becomes a promise?

When the offer is accepted (correct)
When the consideration is exchanged
When the contract is signed
When the offer is made

What is the primary purpose of a consideration in a contract?

To provide a benefit to one party
To establish the terms of the contract
To exchange something of value between the parties (correct)
To establish the liability of one party

What type of consideration may consist of a right or interest accruing to one party?

Contractual consideration
Valuable consideration (correct)
Monetary consideration
Legal consideration

What is the intention of the contracting party in a legally binding contract?

To create a legal obligation (B) Signup and view all the answers

When is a contract considered effective in the example of MPH.COM.MY?

When MPH.COM.MY accepts the order by mail (C) Signup and view all the answers

What is the additional electronic contract that regulates the contract between MPH.COM.MY and the customer?

Conditions of Sale (A) Signup and view all the answers

What is the responsibility of the customer in the example of MPH.COM.MY?

To be aware of the existing additional terms (A) Signup and view all the answers

What is the primary purpose of including additional terms in a contract?

To regulate the contract between the parties (D) Signup and view all the answers

What is the effect of accepting an offer in a contract?

It creates a legal obligation (B) Signup and view all the answers

What is the requirement for a contract to be legally binding?

Intention to create legal relations (C) Signup and view all the answers