Contracts vs Agreements
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Questions and Answers

What is a contract?

  • An enforceable legal agreement (correct)
  • A completion criteria
  • A social or moral obligation
  • A basis for pricing work

    • According to Mead et al, 1956, how many major categories can contracts be classified into?

  • 6 (correct)
  • 4
  • 2
  • 8

    • What is the relationship between agreements and contracts?

  • Agreements and contracts are completely separate
  • Agreements and contracts are the same thing
  • All contracts are agreements (correct)
  • All agreements are contracts

    • What is the purpose of a contract?

    <p>To establish legal rights and obligations</p> Signup and view all the answers

    In a day-to-day situation, how are most business transactions expressed?

    <p>Through legally enforceable agreements</p> Signup and view all the answers

    Which one of these is NOT true about contracts?

    <p>All agreements are contracts</p> Signup and view all the answers

    What is the main purpose of a contract?

    <p>To enforce legal rights and obligations</p> Signup and view all the answers

    Why are agreements not legally enforceable?

    <p>They impose social or moral obligations</p> Signup and view all the answers

    What is the relationship between agreements and contracts?

    <p>Agreements can become contracts</p> Signup and view all the answers

    According to Mead et al, 1956, how many major categories can contracts be classified into based on their origin?

    <p>6</p> Signup and view all the answers

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