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?

Promisee only Signup and view all the answers

What does consideration mean in relation to a contract?

Something in return for a promise Signup and view all the answers

How can an offer be revoked according to the text?

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

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

Has the right to realise the amount even without a contract with the person liable to pay 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?

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

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

A person who is a minor Signup and view all the answers

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

Promise to pay a time-barred debt Signup and view all the answers

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

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

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

The principal can enforce contracts entered into by the agent Signup and view all the answers

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

Jus in rem is a right against the world at large, jus in personam is a right against a specific person 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?

Jus in personam Signup and view all the answers

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

Offer and acceptance Signup and view all the answers

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

'Breach' meaning breaking the terms of the contract 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?

Jus in rem Signup and view all the answers

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

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