Principle of Business-CONTRACTS

What are the elements of a valid simple contract?

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Distinguish between an offer and an agreement. Give Two examples of each.

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When may an offer be revoked? Give a reason for your answer.

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Identify the rules governing consideration?

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What are 'necessaries'?

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Distinguish between a simple contract and a specialty contract?

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Distinguish between the following:

a) Common mistake

b) Mutual mistake

c) Unilateral mistake

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What may be the result of a counter offer?

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Discuss the difference between fraudulent misrepresentation and innocent misrepresentation?

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Explain the following terms:

a) Valid contracts

b) Void contracts

c) Voidable contracts

d) Illegal contracts

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