Law of Contracts Overview
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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?

  • 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?

  • Consideration (correct)
  • Third-party consent
  • Verbal agreement
  • Oral confirmation
  • Under English law, where must consideration move from?

    <p>Promisee only</p> Signup and view all the answers

    What does consideration mean in relation to a contract?

    <p>Something in return for a promise</p> Signup and view all the answers

    How can an offer be revoked according to the text?

    <p>By communication of notice of revocation by the offeror before its acceptance</p> Signup and view all the answers

    Which of the following is true regarding the holder in due course of a negotiable instrument?

    <p>Has the right to realise the amount even without a contract with the person liable to pay</p> Signup and view all the answers

    What happens when a person purchases immovable property with notice of certain conditions or covenants created by an agreement affecting the land?

    <p>They are bound by the conditions even if they were not party to the original agreement</p> Signup and view all the answers

    According to section 11, who among the following is considered incompetent to contract?

    <p>A person who is a minor</p> Signup and view all the answers

    Which of the following is NOT considered a valid exception to a contract without consideration being void?

    <p>Promise to pay a time-barred debt</p> Signup and view all the answers

    What does capacity to contract refer to in relation to entering into valid contracts?

    <p>Age of the parties, their mental state, and any legal disqualifications</p> Signup and view all the answers

    What happens if an agent acts within the scope of authority and in the name of the principal?

    <p>The principal can enforce contracts entered into by the agent</p> Signup and view all the answers

    What is the main difference between jus in rem and jus in personam?

    <p>Jus in rem is a right against the world at large, jus in personam is a right against a specific person</p> Signup and view all the answers

    If A owes money to B, and B has the right to recover this amount from A, what type of right does B have?

    <p>Jus in personam</p> Signup and view all the answers

    What are the essential elements required for an agreement to become a contract?

    <p>Offer and acceptance</p> Signup and view all the answers

    In the context of contracts, what does 'discharge by breach' refer to?

    <p>'Breach' meaning breaking the terms of the contract</p> Signup and view all the answers

    What type of right does X have as the owner of a plot of land against every member of the public?

    <p>Jus in rem</p> Signup and view all the answers

    What makes an agreement legally binding and recognized as a contract?

    <p>'Free consent' - agreement made by competent parties for lawful consideration</p> Signup and view all the answers

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