Lesson 3 - Other features of a simple contract

Which of the following defines the term "intention to create legal relations" in contract law?

• The parties' agreement to a specific performance

• The desire to fulfill a promise without enforceability

• The assumption that a contract is legally binding

• The parties' clear intent to enter into a legally binding agreement

When assessing capacity in a contract, which factor is NOT considered?

• The age of the parties

• The mental state of the parties

• The financial status of the parties

• The understanding of the agreement's terms

What is required for a contract to be valid in terms of consideration?

• A written agreement

• Something of value exchanged between the parties

• Verbal confirmation of the agreement

• An agreement witnessed by a third party

Which of the following must be present for acceptance to be effective in contract formation?

• It must be communicated to the offeror

• It must be in writing

• It must be delayed for further review

• It must be made by the OFFEROR

An agreement between two parties without intent to be legally bound is considered:

• A void contract

• A mere social agreement

• An enforceable promise

• A valid contract

What best describes "consideration" in contract law?

• A mutual understanding between parties

• The reason why one party is seeking to enter the contract

• The value exchanged that legitimizes an agreement

• The reviews from third parties regarding the contract

Which of the following statements about acceptance is true?

• Acceptance can occur through silence

• Acceptance must mirror the offer's terms

• Acceptance can be revoked at any time

• Acceptance is only valid when in written form

The legal capacity of a minor to enter a contract is generally:

• Unlimited and fully binding

• Limited, allowing only certain types of contracts

• allowed at ALL times

• Without any restrictions based on age

Which condition must be met for a promise to be enforced under contract law?

• The promise must be made in good faith

• The promise must involve a legal subject matter

• The promise must be publically announced

• The promise must have been previously discussed

How can one prove intention to create legal relations in a contract?

• By reviewing the clarity of the offer

• By establishing the context of the agreement

• By showing familiarity between the parties

• By referring to previous informal agreement