Podcast
Questions and Answers
What is the main purpose of law in society?
What is the main purpose of law in society?
Which of the following statements about commercial law is correct?
Which of the following statements about commercial law is correct?
Which source of law is created by judges interpreting existing laws?
Which source of law is created by judges interpreting existing laws?
Who is referred to as the plaintiff in a legal case?
Who is referred to as the plaintiff in a legal case?
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What type of offer is made to a specific individual or group?
What type of offer is made to a specific individual or group?
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Which of these correctly describes an implied offer?
Which of these correctly describes an implied offer?
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What must be true for an offer to be considered valid?
What must be true for an offer to be considered valid?
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Which of the following is an example of a clear offer?
Which of the following is an example of a clear offer?
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What is the minimum legal age required to make a contract?
What is the minimum legal age required to make a contract?
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Which of the following situations would result in a contract being void?
Which of the following situations would result in a contract being void?
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Can a minor enter into a contract?
Can a minor enter into a contract?
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Which element is NOT essential for forming a valid contract?
Which element is NOT essential for forming a valid contract?
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What does 'capacity to contract' refer to?
What does 'capacity to contract' refer to?
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Which of the following describes lawful consideration in a contract?
Which of the following describes lawful consideration in a contract?
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Which of these individuals can make a contract?
Which of these individuals can make a contract?
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What happens when a minor is a beneficiary in a contract?
What happens when a minor is a beneficiary in a contract?
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What was the ruling in the case of Balfour v Balfour?
What was the ruling in the case of Balfour v Balfour?
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Which of the following is NOT a element of valid consideration in contracts?
Which of the following is NOT a element of valid consideration in contracts?
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What type of consideration involves something done before the promise?
What type of consideration involves something done before the promise?
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Why is a promise to donate to charity typically not legally enforceable?
Why is a promise to donate to charity typically not legally enforceable?
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In what scenario does a promise become legally enforceable when made for a specific purpose?
In what scenario does a promise become legally enforceable when made for a specific purpose?
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Which of the following is an exception to consideration?
Which of the following is an exception to consideration?
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Which of these statements about consideration is true?
Which of these statements about consideration is true?
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What is an example of future consideration?
What is an example of future consideration?
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Which of the following is an example of a void agreement?
Which of the following is an example of a void agreement?
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What is true about a voidable agreement?
What is true about a voidable agreement?
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Which of the following agreements is considered unenforceable?
Which of the following agreements is considered unenforceable?
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What does a valid contract require to be enforceable in court?
What does a valid contract require to be enforceable in court?
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Which section indicates that contracts cannot stop someone from pursuing a legal job or business?
Which section indicates that contracts cannot stop someone from pursuing a legal job or business?
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Which of the following statements exemplifies a valid offer?
Which of the following statements exemplifies a valid offer?
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What describes advertisements for products effectively?
What describes advertisements for products effectively?
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When can an offer be canceled?
When can an offer be canceled?
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What happens when a counter-offer is made?
What happens when a counter-offer is made?
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In what situation will an offer be canceled due to not meeting conditions?
In what situation will an offer be canceled due to not meeting conditions?
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If the person making the offer becomes insane before it is accepted, what occurs?
If the person making the offer becomes insane before it is accepted, what occurs?
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Which is NOT a way in which an offer can be revoked?
Which is NOT a way in which an offer can be revoked?
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What must be ensured in an offer with conditions?
What must be ensured in an offer with conditions?
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Study Notes
Understanding Law
- Law establishes a framework of rules enforced by the government to maintain order and prevent chaos in society.
- Main aspects of law include control over actions, enforcement by the government, and focus on deeds rather than thoughts.
- Commercial Law encompasses regulations regarding business operations, trade, banking, insurance, and goods transportation.
Sources of Law
- Laws are created by government authority, interpreted through court decisions, and influenced by customary practices.
- Foreign legal systems, such as England’s, can also impact local legal frameworks.
Legal Terminology: Plaintiff initiates case; Defendant is sued.
Offers and Proposals
- An offer represents a willingness to enter into a legal agreement, requiring clarity and intent.
- Key characteristics of offers include communication, the possibility of being positive or negative, and the intention to create a legal relationship.
Types of Offers
- Specific Offer: Directed to a particular individual or group.
- General Offer: Open to the public at large.
Making Offers
- Offers can be communicated through words or actions.
- Clear Offers: Explicitly defined terms (e.g., selling a book for 200 BDT).
- Implied Offers: Indicated through behavior (e.g., a bus stopping for passengers).
Validity of Offers
- Offers must be legal, clear, and specific to be valid.
- Advertisements serve as invitations to negotiate rather than binding offers.
- Conditions attached to an offer need to be explicit and fair.
Revocation of Offers
- An offer may be canceled before acceptance in various ways, such as:
- Notifying the other party.
- Expiry of a time limit.
- Failure to meet specified conditions.
- Death or insanity of the offeror.
- Counter-offers which invalidate the original.
- Refusal to accept.
Legal Relationship — Case Study
- Balfour v Balfour (1919): The court ruled that a personal agreement without intent to create legal obligations is unenforceable.
Consideration in Contracts
- Consideration represents the value exchanged to make a promise enforceable.
- Types include past, present, and future consideration, which must always be lawful.
Contracts and Their Elements
- Essential elements for a valid contract include:
- Offer and acceptance.
- Intention to create legal relations.
- Lawful consideration.
- Legal capacity of parties involved.
Capacities of Parties
- Legal capacity to contract necessitates individuals to be of legal age (18 years), sound mind, and not disqualified.
- Contracts with minors under the age of 18 are void.
Void and Voidable Agreements
- A Void Agreement is unenforceable, often due to illegal content (e.g., drug trade contracts).
- A Voidable Agreement can be canceled by one party (e.g., agreements made under duress).
Unenforceable Agreements
- Technical issues, such as registration mistakes, can make an agreement unenforceable despite a mutual understanding.
Valid Contracts
- A valid contract meets legal requirements and is enforceable, such as a simple sales agreement that is clearly defined and accepted.
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Description
This quiz covers the fundamental concepts of law as presented in Chapter 1. Learn how law regulates society and the government's role in ensuring compliance. Delve into commercial law and understand its significance in business and trade.
