Podcast
Questions and Answers
What does a proposal become when it is accepted?
What does a proposal become when it is accepted?
- An agreement
- A promise (correct)
- An offer
- A contract
An agreement is defined as what?
An agreement is defined as what?
- Proposal + Negotiation
- Contract + Terms
- Offer + Acceptance (correct)
- Promise + Consideration
What creates mutual obligations between parties in a contract?
What creates mutual obligations between parties in a contract?
- Verbal agreements
- Written agreements
- A proposal
- An agreement (correct)
What is a basic requirement for mutual obligations in a contract?
What is a basic requirement for mutual obligations in a contract?
What makes mutual obligations in a contract enforceable?
What makes mutual obligations in a contract enforceable?
Which of the following is a necessary component of a contract?
Which of the following is a necessary component of a contract?
What is the result of offer + acceptance?
What is the result of offer + acceptance?
What is created between parties by an agreement?
What is created between parties by an agreement?
When does a proposal become a promise?
When does a proposal become a promise?
What is an agreement?
What is an agreement?
What happens when offer + acceptance is enforceable by law?
What happens when offer + acceptance is enforceable by law?
What is needed to create mutual obligations that are enforceable by law?
What is needed to create mutual obligations that are enforceable by law?
Which of the following is an essential element in the meaning of a contract?
Which of the following is an essential element in the meaning of a contract?
Which of the following is the result of an agreement?
Which of the following is the result of an agreement?
What makes an offer the basis of a contract?
What makes an offer the basis of a contract?
What is a contract essentially considered to be when it comes to the relationship between parties?
What is a contract essentially considered to be when it comes to the relationship between parties?
What turns an offer into a legally binding instrument?
What turns an offer into a legally binding instrument?
What status does an offer achieve when it's been given confirmation?
What status does an offer achieve when it's been given confirmation?
What main element dictates that all conditions in a contract can eventually be pursued and upheld in court when offer + acceptance is fulfilled?
What main element dictates that all conditions in a contract can eventually be pursued and upheld in court when offer + acceptance is fulfilled?
What mutual aspect do the involved parties accept to uphold?
What mutual aspect do the involved parties accept to uphold?
Flashcards
Meaning of Contract
Meaning of Contract
Contract is an agreement between parties, creating mutual obligations enforceable by law.
Promise
Promise
A proposal that, when accepted, becomes a promise.
Agreement
Agreement
Agreement is an acceptance to an offer.
Definition of agreement
Definition of agreement
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Study Notes
- Regulations of Contract - 1
Meaning of Contract
- Contract is an agreement between the parties, creating mutual obligations enforceable by law
- A proposal, when accepted, becomes a promise
Agreement
- Agreement is offer plus acceptance
- Agreement is an acceptance to an offer
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