1.9: Reasons for and features of a contact

What are the elements of a valid contract?

• offer, acceptance, contemplation.

• offer, rejection, consideration..

• offer, acceptance, consideration, illegal capacity..

• offer, acceptance, and consideration.

What is consideration in contracts?

• The process of terminating a contract.

• Something of value exchanged between parties to a contract

• A legal document that outlines the terms and conditions of a contract.

• A verbal agreement between parties to a contract.

Explain the concept of acceptance in contract law.

• Acceptance in contract law refers to the transfer of ownership in a contract.

• Acceptance in contract law refers to the termination of a contract.

• Acceptance in contract law refers to the final and unqualified agreement to the terms of an offer.

• Acceptance in contract law refers to the initial negotiation stage of a contract.

Discuss the importance of consideration in a contract.

• Consideration is important in a contract because it ensures a mutual exchange of value between the parties involved.

• Consideration is important in a contract because it establishes the legality of the agreement.

• Consideration is only important in certain types of contracts.

• Consideration is not important in a contract as long as both parties agree.

TRUE/FALSE: Verbal contracts have no legal standing.

• TRUE

• FALSE

This image represents which element of a contract?

• Offer

• Acceptance

• Consideration

This image represents which element to a valid contract?

• Offer

• Acceptance

• Consideration

TRUE/FALSE: For contract exchanges that involve the transferral of large sums of money or big exchanges, written contracts are more appropriate.

• TRUE

• FALSE

What is the correct definition of a 'contract'?

• A contract is a legally enforceable agreement between one or one persons or parties.

• A contract is a legally enforceable agreement between two or more persons or parties.

• A contract is not legally enforceable agreement between two or more persons or parties.

• A contract is a legally enforceable agreement only between two parties.

, acceptance and consideration