Topic 4 - Contract Law

What is revocation of an offer and when does it occur?

• Acceptance of the offer by the offeree

• Withdrawal of the offer by the offeror before acceptance

• Expiration of the offer due to passage of time

• Modification of the offer by the offeror

Discuss the importance of communication of acceptance in contract law.

• It is only important for one party to be aware of the terms and conditions

• It only matters if the contract is verbal

• It has no impact on the validity of the contract

• It ensures that both parties are aware of the terms and conditions of the contract.

What is a counter-offer and how does it affect the original offer in contract law?

• It has no effect on the original offer

• It acts as a rejection of the original offer and becomes a new offer.

• It automatically terminates the original offer

• It extends the expiration date of the original offer

How does acceptance differ from an offer in contract law?

• Acceptance is the agreement by the other party to the terms of the offer.

• Acceptance is the withdrawal of the offer

• Acceptance is the rejection of the offer

• Acceptance is the modification of the offer

Explain the concept of revocation of an offer with an example.

• When a company offers a job to a candidate, and then decides to increase the salary before the candidate accepts it.

• When a company offers a job to a candidate, and then decides to change the job title before the candidate accepts it.

• When a company offers a job to a candidate, but then decides to rescind the offer before the candidate accepts it.

• When a company offers a job to a candidate, and then decides to extend the deadline for accepting the offer.

Why is it important for acceptance to be communicated in contract law?

• To delay the process of the contract

• To indicate the agreement of the parties involved

• To confuse the parties involved

• To create disagreement between the parties

What are the implications of making a counter-offer in contract law?

• It can only be made by the offeree

• It has no effect on the original offer

• It can lead to the termination of the original offer and the creation of a new contract.

• It can only be made verbally

Compare and contrast offer and acceptance in contract law.

• Offer and acceptance are the same thing in contract law.

• Offer is the response to the acceptance made by the other party.

• Offer is the agreement by one party, while acceptance is the proposal made by the other party.

• Offer is a proposal made by one party, while acceptance is the agreement by the other party to the terms of the offer.

Provide a scenario where revocation of an offer would be considered valid in contract law.

• The offeree decides they no longer want to accept the offer

• The offeror discovers that the offeree has a better offer from another party

• The offeree fails to accept the offer within the specified time frame.

• The offeror changes their mind and decides to withdraw the offer

Discuss the significance of communication of acceptance in contract law with an example.

• Communication of acceptance is significant as it finalizes the agreement and creates a binding contract between the parties involved.

• Communication of acceptance is insignificant and does not affect the contract

• Communication of acceptance only matters if it is done in person

• Communication of acceptance is only important if the contract is for a large sum of money