Podcast
Questions and Answers
What are the four elements required for a legally binding contract?
What are the four elements required for a legally binding contract?
- Agreement, Consideration, Capacity, Legal object (correct)
- Assurance, Capacity, Obligation, Legal object
- Consensus, Offeror, Acceptance, Form for the statute of frauds
- Agreement, Consensus, Payment, Consideration
Who is the party that makes an offer in a contract?
Who is the party that makes an offer in a contract?
- Promisor
- Offeror (correct)
- Obligor
- Offeree
Which theory of contracts focuses on the parties' outward manifestations of intent?
Which theory of contracts focuses on the parties' outward manifestations of intent?
- Subjective theory of contracts
- Manifestation theory of contracts
- Objective theory of contracts (correct)
- Interpretative theory of contracts
What type of contract involves a promise in exchange for a promise?
What type of contract involves a promise in exchange for a promise?
Which group is generally considered to have the legal ability to enter into a binding agreement?
Which group is generally considered to have the legal ability to enter into a binding agreement?
What is the fifth element sometimes required for a legally binding contract?
What is the fifth element sometimes required for a legally binding contract?
What type of contract arises not from words but from the conduct of the parties?
What type of contract arises not from words but from the conduct of the parties?
Which type of contract is imposed by courts to prevent unjust enrichment at the expense of one party?
Which type of contract is imposed by courts to prevent unjust enrichment at the expense of one party?
What action can the offeror take to terminate the offer at any time?
What action can the offeror take to terminate the offer at any time?
If the terms of acceptance do not mirror the terms of the offer exactly, what does it result in under common law contracts?
If the terms of acceptance do not mirror the terms of the offer exactly, what does it result in under common law contracts?
In a situation where the subject matter of the offer is destroyed or becomes illegal, what happens to the offer?
In a situation where the subject matter of the offer is destroyed or becomes illegal, what happens to the offer?
What criterion leads to the immediate termination of an offer if it is stated in the offer terms?
What criterion leads to the immediate termination of an offer if it is stated in the offer terms?
