Introduction to contracts

What is the meaning for contracts?

• A legally binding agreement between two persons only to perform an activity for something of value

• A legally binding agreement between two or more persons to perform an activity in return for a benefit

• A legally binding agreement for a benefit

• A legally binding agreement between two or more persons to perform an activity

I am asking you if you want to buy my car for $70,000. I am making

• an acceptance

• an offer

• a consideration

• an intention

Janet tells Melissa she would be willing to purchase a lap top for $4000. She is indicating

• offer

• acceptance

• consideration

• competence

John is ten years old and he decides to take $2000 out of his fathers' wallet to purchase a tablet from Courts. Can he do this?

• yes

• no

Justify your answer given in number 4

I offer $10.00 to Basdeo for his notebook. The $10.00 is called

• acceptance

• offer

• money

• consideration

You promised your best friend you would meet them to play video games. Can you take your friend to court for this?

• yes

• no

• yes, because it is a legal agreement we made

• no, because we did not make any legal agreement