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?
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