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QTS213 Contract and Essentials of a Valid Contract

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QTS213 Contract and Essentials of a Valid Contract

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Questions and Answers

What is the primary purpose of a contract?

To establish social connections

To dictate personal relationships

To provide financial assistance

To create mutual legal obligations (correct)

Why are most contracts required to be in writing when a significant amount of money is involved?

To simplify enforcement (correct)

To reduce legal validity

To prevent misunderstandings

To enhance verbal communication

Which method of entering a construction contract is common for small domestic works like extensions or repairs?

By exchange of letters (correct)

Implied by conduct of the parties

Using a written contract

By word of mouth

What is the most challenging aspect of enforcing an oral contract?

Difficulty in understanding terms Signup and view all the answers

In construction contracts, what should be avoided, especially due to their capital intensity?

Oral contracts Signup and view all the answers

Which documents are typically included in the contract documents for a construction project?

'Minutes of meetings, tender-stage correspondence, method statement' Signup and view all the answers

What is one of the essential requirements for a contract to be considered valid?

Both parties must contribute something of value to the other's promise Signup and view all the answers

What is the term used for an offer in construction?

Tender Signup and view all the answers

What document is often used to inform a contractor to prepare for work?

Letter of intent Signup and view all the answers

Which document is NOT listed as an essential part of every contract?

Contractor's resume Signup and view all the answers

When does a contract come into existence?

When both parties have unconditionally accepted the offer Signup and view all the answers

What must each party in a contract have exercised in order for the contract to be valid?

Free will, without force or pressure Signup and view all the answers