Legal Aspects of A Business 1

1. Explain the difference between a contract and an agreement.

2. All contracts are agreements but not all agreements are contracts.

• True
• False

3. List the SIX (6) features that make an agreement a contract.

4. What is an offer?

5. An offer can be verbal, written or implied by conduct and can after it has been accepted.

• True
• False

5. State two (2) ways an offer can be terminated.

6. With an example, explain what is a counter offer.