Enforceability

The video tutorial explains the concept of agreements and contracts, highlighting the necessary elements for a valid contract, such as a meeting of the minds, capacity, and consideration. It discusses the role of consideration, the impact of mistakes on agreements, and the conditions for enforceability, including the statute of frauds.

What is the primary focus of an agreement under the law?

• A valid contract

• A mutual understanding between friends

• A verbal promise

• A handshake deal

What is required for a person to have the capacity to enter into a contract?

• Being married

• Having a job

• Owning property

• Being of legal age and having mental capacity

What does the term 'consideration' in a contract refer to?

• A gift given to a friend

• An exchange of value between parties

• A written agreement

• A verbal promise

Which of the following is an example of consideration?

• A handshake

• A promise to meet for lunch

• A verbal agreement

• A service for a service

What is a unilateral mistake in the context of contracts?

• A mistake in the contract's writing

• A mistake made by one party

• A mistake made by both parties

• A mistake in the contract's execution

What happens when there is a mutual mistake in a contract?

• The contract is void or voidable

• The contract is ignored

• The contract is automatically enforced

• The contract is rewritten

What is the Statute of Frauds?

• A principle for gift exchanges

• A law requiring certain contracts to be in writing

• A rule about verbal agreements

• A guideline for handshake deals