Fin 546

Which of the following are essential elements of a valid contract?

• Offer & Acceptance and Consideration

• Offer & Acceptance, Consideration and Contract Subject Matter

• Offer & Acceptance, Consideration,Contract Subject Matter and Legality

• Offer & Acceptance, Consideration,Contract Subject Matter, Legality and Capacity of the Parties to Contract

For consideration to be valid, it must be capable of being given or performed.

• True

• False

What is it called when one party makes a proposal to another party to form a deal?

• Legality

• Consideration

• Offer

• Contract Subject Matter

Which factor is NOT considered when determining the capacity of the parties to contract?

• Age of Majority

• Sound Judgment

• Approval of Guardian

• Type of Goods

Which aspects are crucial for ensuring the legality of a contract under Islamic law?

• No riba

• Permissible goods

• High profitability

• No maysir

For the determination of contract subject matter, which aspects must be precisely known?

• Quantity

• Quality

• Value

• Source