Contract

What is a contract?

• A promise or a set of promises for the breach of which the law gives a remedy

• A document signed by two parties

• An agreement without legal obligations

• A verbal agreement between friends.

Contracts are voluntarily entered into by ______.

• parties

• individuals

• companies

• organizations

The terms of the contract become ______ between the parties.

• private law

• public law

• common law

• international law

What is the role of an Offeror in a contract?

• Party who makes an offer to enter into a contract

• Party to whom an offer is made

• Party who accepts the offer

• Party who witnesses the contract

Fill in the blank: The Offeree is the party to whom an ______ is made.

• offer

• agreement

• invitation

• request

What is one of the elements of a contract?

• Offer

• Acceptance

• Contractual capacity

• Consideration

The two main components of an agreement in a contract are:

• Offer and Acceptance

• Consideration and Capacity

• Legality and Intention

• Performance and Breach

What is required for parties to have for a contract to be enforceable against them?

• Contractual capacity

• Lawful object

• Mutual consent

• Written agreement

True or False: Contracts cannot be enforced against parties who lack contractual capacity when entered.

• True

• False

What is required for the consent of parties to create a contract?

• It must be genuine

• It must be verbal

• It must be coerced

• It must be informal