Contractual Elements and Types

Offer, acceptance, intention to create legal relations, consideration, and capacity.

Contracts can be classified as unilateral, bilateral, express, implied, void, voidable, and contingent.

Minors, individuals of unsound mind, and disqualified persons cannot enter into a valid contract.

<p>Acceptance must be communicated, must be in the prescribed form, must be absolute and unqualified, and must be made within the time limit.</p> Signup and view all the answers

<p>A contract can be discharged if performance becomes impossible due to unforeseen circumstances.</p> Signup and view all the answers

<p>Agreements that involve illegal activities, agreements made by incompetent parties, and agreements that are uncertain.</p> Signup and view all the answers

<p>Undue influence involves using a position of power to manipulate, whereas coercion involves threats or pressure.</p> Signup and view all the answers

<p>A contingent contract depends on the occurrence of a specific event, which must be uncertain.</p> Signup and view all the answers

<p>A guarantee involves three parties: the creditor, the principal debtor, and the guarantor; involves a valid contract.</p> Signup and view all the answers

<p>A contract of guarantee involves one party agreeing to fulfill the obligation of another, while indemnity involves compensation for losses.</p> Signup and view all the answers

<p>Types of agents include universal agents, general agents, special agents, and sub-agents.</p> Signup and view all the answers

<p>Bailment involves delivery of goods, the purpose of the bailment, and the return of goods after use.</p> Signup and view all the answers

<p>A contract of sale involves two parties, the transfer of ownership, and an agreed price.</p> Signup and view all the answers

<p>Caveat Emptor means 'let the buyer beware' and places the responsibility on the buyer to investigate before purchasing.</p> Signup and view all the answers

<p>Conditions that goods should be of satisfactory quality, fit for purpose, and as described.</p> Signup and view all the answers

<p>A sale involves immediate transfer of ownership, while a hire-purchase involves the transfer of ownership after all payments are made.</p> Signup and view all the answers

<p>A promissory note is a promise to pay a specific sum, while a bill of exchange is an order to pay a specific sum.</p> Signup and view all the answers

<p>It must be in writing, signed by the maker, state a definite sum, and have an unconditional promise to pay.</p> Signup and view all the answers

<p>Negotiable instruments are transferable, must be in writing, and can be enforced by the holder.</p> Signup and view all the answers

<p>Types of cheques include bearer cheques, order cheques, and cross cheques.</p> Signup and view all the answers