BC Law Ch 2 Intro to Contract Law

In contract law, an "agreement" is not always a "contract", even though a "contract" will always include an "agreement".

• True

• False

In law, an "agreement" comprises of an offer by one party and a/an ______ by the other party.

• consideration

• intention to create legal relations

• acceptance

• contract

An offer requires a clear indication of ____ by the offeror to enter into a legally binding contract as soon as all the terms of the offer have been accepted by the offeree.

• willingness

• consideration

• enforcement

• price

An invitation to treat is _____.

• one of the elements for acceptance

• a binding promise

• the means to find a presumption of intention to form legal relations

• only an invitation to start negotiations or make an offer

The two main types of contracts are speciality contracts and complex contracts.

• True

• False

Specialty contracts must be in ____ and "signed, sealed and delivered" in a specific format.

Simple contracts must be written down.

• True

• False

The four legal requirements for a simple contract are: offer, acceptance, ______ and intention to create legal relations.

A simple contract must be supported by "consideration", which refers to something "of value".

• True

• False

Under the law of consideration, which of the following maybe considered to be something "of value"?

• Money

• Giving up a legal right to sue someone for compensation

• Promise

• Watch