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Master Contract Formation

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Questions and Answers

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?

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?

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?

Offer, acceptance, consideration, and intention to create legal relations Signup and view all the answers

What is an offer in a contract?

An expression made by one party to another party communicating the willingness to perform a promise Signup and view all the answers

Can an offer be made orally?

Yes, an offer can be made orally Signup and view all the answers

When is an offer open for anyone to accept it?

When the offer is addressed to everyone (the whole world Signup and view all the answers

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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.