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Questions and Answers
What are the various modes of revocation of an offer?
What are the various modes of revocation of an offer?
- By death or insanity of the offeror
- By communication of notice of revocation by the offeror at any time before its acceptance (correct)
- By the promisee fulfilling a condition precedent
- By acceptance by the offeree within the prescribed time
When does an offer lapse by time according to section 6?
When does an offer lapse by time according to section 6?
- If it is not accepted within the prescribed time
- If the offeror fulfills a condition precedent
- If it is not accepted within a reasonable time (correct)
- If no time is described in the offer
What is considered as one of the essential elements to support a contract?
What is considered as one of the essential elements to support a contract?
- Consideration (correct)
- Third-party consent
- Verbal agreement
- Oral confirmation
Under English law, where must consideration move from?
Under English law, where must consideration move from?
What does consideration mean in relation to a contract?
What does consideration mean in relation to a contract?
How can an offer be revoked according to the text?
How can an offer be revoked according to the text?
Which of the following is true regarding the holder in due course of a negotiable instrument?
Which of the following is true regarding the holder in due course of a negotiable instrument?
What happens when a person purchases immovable property with notice of certain conditions or covenants created by an agreement affecting the land?
What happens when a person purchases immovable property with notice of certain conditions or covenants created by an agreement affecting the land?
According to section 11, who among the following is considered incompetent to contract?
According to section 11, who among the following is considered incompetent to contract?
Which of the following is NOT considered a valid exception to a contract without consideration being void?
Which of the following is NOT considered a valid exception to a contract without consideration being void?
What does capacity to contract refer to in relation to entering into valid contracts?
What does capacity to contract refer to in relation to entering into valid contracts?
What happens if an agent acts within the scope of authority and in the name of the principal?
What happens if an agent acts within the scope of authority and in the name of the principal?
What is the main difference between jus in rem and jus in personam?
What is the main difference between jus in rem and jus in personam?
If A owes money to B, and B has the right to recover this amount from A, what type of right does B have?
If A owes money to B, and B has the right to recover this amount from A, what type of right does B have?
What are the essential elements required for an agreement to become a contract?
What are the essential elements required for an agreement to become a contract?
In the context of contracts, what does 'discharge by breach' refer to?
In the context of contracts, what does 'discharge by breach' refer to?
What type of right does X have as the owner of a plot of land against every member of the public?
What type of right does X have as the owner of a plot of land against every member of the public?
What makes an agreement legally binding and recognized as a contract?
What makes an agreement legally binding and recognized as a contract?
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