Contract Law

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

• True

• False

All parties must agree about an offer made by one party and accepted by the other. Something of value must be exchanged for something else of value.

• True

• False

A contract is a tort enforceable at law between two parties where by rights are acquired by one or more parties in return for certain acts or forbearances on the part of the other or others.

• True

• False

Voidable contract – is a contract in which the law prohibits one of the parties to withdraw from it if they wish, making it void.

• True

• False

Unenforceable contract – is a valid contract which will not be enforced by the courts due to lack of legal evidence

• True

• False

Terms of the offer must be clear, certain, compleate and not vague otherwisethere is failure to make a complete agreement

• True

• False

The offer must be made by written or spoken words, or not inferred by conduct of the parties

• True

• False

1.The offer must be intended as such before the contract can arise – with a view to a legal relationship that would have a possible course of action to the courts

• True

• False

Invitation to treat is an invitation to another person to make an offer which can then be accepted resulting in an agreement/contract. An invitation to treat can not be accepted.

• True

• False

Acceptance must be written or implied from conduct

• True

• False