Grade 10 Principles of Business

What is a contract?

• An agreement between two or more persons

• A legal binding agreement between two or more persons

• A written agreement between two or more persons

• An oral agreement between two or more persons

Identify the two types of contracts

• simple and special

• oral and special

• simple and speciality

• oral and written

How many elements does a speciality contract has?

• 3

• 2

• 4

• 5

How many elements does a simple contract has?

• 4

• 3

• 2

• 1

All the following are ways in which a contract can be terminated EXCEPT?

• breach

• performance

• agreement

• offer

Define the term Breach?

• when both parties carry out their sides of the contract

• when one party carries out a portion of the contract

• when one party fails to carry out their side of the contract

• when both parties end the contract

The person who makes the offer is known as the.....

• contractor

• contractee

• offeree

• offeror

The person accepting the offer is known as the....

• contractor

• contractee

• offeree

• offeror

An example of a speciality contract is....

• Purchase of land

• An auction

• Purchase of a book

• Purchase of a dog

An example of an invitation to treat is …..

• Purchase of land

• An auction

• Purchase of a book

• Purchase of a dog