Law of Contract Quiz

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What is a contract?

An agreement enforceable at law (correct)

A moral obligation

A written proposal without acceptance

A verbal promise between parties

What is the flow of the definition of a contract?

Agreement ---- Promise ---- Contract Offered proposal ---- Proposal/offer

Offered proposal ---- Proposal/offer ---- Contract ---- Agreement

Promise ---- Agreement ---- Contract Offered proposal ---- Proposal/offer

Contract ---- Agreement ---- Promise Accepted proposal ---- Proposal/offer (correct)

What is a void agreement?

An agreement with multiple parties involved

An agreement with uncertain terms

An agreement without legal consequences (correct)

An agreement with only verbal acceptance

What are the special contracts mentioned in the text?

Indemnity, Guarantee, Bailment, Pledge Signup and view all the answers

What is the role of an agent in the law of agency?

To act on behalf of the principal Signup and view all the answers

Define a contract according to Pollack and Salmond's views.

According to Pollack, 'Every agreement and promise enforceable at law is a contract.' According to Salmond, 'A contract is an agreement creating and defining obligations between the parties.' Signup and view all the answers

Explain the flow of the definition of a contract.

The flow of the definition of a contract is as follows: Contract ---- Agreement ---- Promise Accepted proposal ---- Proposal/offer. A contract is an agreement that can be enforced in court. A contract may be formed when there is an accepted proposal or offer. Signup and view all the answers

What are the essential elements of a valid contract?

The essential elements of a valid contract include offer and acceptance, intention to create legal relations, lawful consideration, capacity to contract, free consent, legality of object, and certainty and possibility of performance. Signup and view all the answers

What are the special contracts mentioned in the text?

The special contracts mentioned in the text are indemnity, guarantee, bailment, and pledge. Signup and view all the answers

Briefly explain the law of agency and its essentials.

The law of agency involves the relationship between an agent and a principal. Its essentials include kinds of agents, rights and duties of agent and principal, creation of agency, and termination of agency. Signup and view all the answers

What is a contract according to Pollack and Salmond?

A contract is an agreement creating and defining obligations between the parties, enforceable at law (Pollack), and an agreement that can be enforced in court (Salmond). Signup and view all the answers

What are the essential elements of a valid contract?

The essential elements of a valid contract include offer and acceptance, intention to create legal relations, consideration, capacity, free consent, legality of object, and certainty and possibility of performance. Signup and view all the answers

What is a void agreement?

A void agreement is a contract that is not enforceable by law, and is void ab initio, i.e., from the beginning. Signup and view all the answers

What are the special contracts mentioned in the text?

The special contracts mentioned in the text are indemnity, guarantee, bailment, and pledge. Signup and view all the answers

Briefly explain the law of agency and its essentials.

The law of agency deals with the relationship between a principal and an agent, where the agent acts on behalf of the principal. The essentials include the creation of agency, kinds of agents, rights and duties of agent and principal, and termination of agency. Signup and view all the answers