Law of Contract

What is required to form a legally binding contract?

• Offer, Acceptance, Consideration, Intention, Certainty.

• Duty, Breach, Causation, Damages

• Offer, Acceptance, Collateral, Sufficiency.

• Invitation to treat, Offer, Counter Offer, Acceptance.

What is the definition of an offer?

• An expression of willingness to negotiate.

• A declaration that one party will contract with another.

• Expression of willingness to contract with the party to whom it is addressed, as soon as the latter accepts its terms.

• An invitation for other parties to consider whether they are able to purchase the goods/services.

The purpose of contract needs to be for a lawful purpose.

• TRUE

• FALSE

_________________ is the legal ability to enter into a contract, so minors and those with mental impairments lack it.

• Executory

• Consent

• Acceptance

• Capacity

In an express contract, the two parties state all the important terms of their agreement.

• TRUE

• FALSE

In order for _______________ to be present in a contract, the offeree must say or do something to accept.

• Void

• Bilateral

• Acceptance

• Writing

A Valid contract is one that satisfies all of the law’s requirements.

• TRUE

• FALSE

In an implied contract, the words and conduct of the parties indicate that they intended an agreement.

• TRUE

• FALSE

Some types contracts cannot be enforced if they are not in ___________.

• Bilateral

• Writing

• Acceptance

• Void

_____________________ is the central idea that both parties in a contract need to benefit from it.

• Consent

• Implied

• Unilateral

• Consideration