Podcast
Questions and Answers
What is the definition of a contract?
What is the definition of a contract?
- An agreement that gives rise to obligations which are not recognized at law
- An agreement that is not enforceable by law
- An agreement that is not binding on the parties involved
- An agreement giving rise to obligations which are enforced or recognized at law (correct)
Which of the following is an example of an agreement that is not a contract?
Which of the following is an example of an agreement that is not a contract?
- Business joint ventures
- Credit card transactions
- A hire-purchase agreement
- Friends agreeing to go out for a meal (correct)
What are the two main types of contracts?
What are the two main types of contracts?
- Oral and written contracts (correct)
- Simple and complex contracts
- Special and general contracts
- Express and implied contracts
What are the four basic elements to ascertain whether a contract exists?
What are the four basic elements to ascertain whether a contract exists?
What is an offer in a contract?
What is an offer in a contract?
Can an offer be made orally?
Can an offer be made orally?
When is an offer open for anyone to accept it?
When is an offer open for anyone to accept it?
Study Notes
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Description
Test your knowledge on contract formation with this quiz! From the basics of what constitutes a contract to the essential elements required for its formation, this quiz will challenge your understanding of contract law. Sharpen your skills by identifying the key factors that make an agreement legally binding, and learn how to avoid common pitfalls in contract formation. Whether you're a law student or a business owner, this quiz is perfect for anyone looking to brush up on their contract formation knowledge.
