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?

<p>Offer, acceptance, consideration, and intention to create legal relations (D)</p> Signup and view all the answers

What is an offer in a contract?

<p>An expression made by one party to another party communicating the willingness to perform a promise (B)</p> Signup and view all the answers

Can an offer be made orally?

<p>Yes, an offer can be made orally (A)</p> Signup and view all the answers

When is an offer open for anyone to accept it?

<p>When the offer is addressed to everyone (the whole world (B)</p> Signup and view all the answers

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