a Offer b. Acceptance c. Consideration C. a. Competent Parties = Intention to create a binding agreement Legality of Purpose
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- How is an offer terminated? options: 1) A counter-offer by the offeree. 2) The offeree makes enquiries regarding the terms of the offer. 3) When there is a breach of the term by the offeree after acceptance. 4) The offeror serves a notice of revocation within reasonable time after acceptance.A meeting of the minds occurs when both parties actually assent to a contract’s terms. It mayalso highlight the time of a mutual agreement, although the acts of this agreement need notoccur simultaneously. A subjective meeting of the minds was traditionally required when it cameto the assent of contract theory but modern law dictates that a meeting of the minds must beobjective1In relation to the requirement for a consensus to form a valid contract, explain 4 factors thatVitiate/affect consensus.Initial impossibility of performance renders a contract...
- All but which of the following must be present in order for a contract may be voided based upon mutual mistake? Multiple Choice 1. The mistake must result in a material effect on the contract. 2. a basic assumption about the subject matter of the contract is present. (Incorrect answer) 3. An adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement occurred. 4. Both of the parties were negligent in their representations to the other party.1. “Section 10 of Contract Act 1950 mentioned that all agreements are contracts if they are made by the free consent of parties”. Based on the section, discuss TWO (2) examples of voidable contract. Note: need simple introduction and conclusion.5. List the six (6) types of contracts that must be in writing.
- 1. With reference to contract law,identify and explain the elements that need to be present to form a valid contract? 2. Under what circumstances can an offer come to an end? Discuss using case law.5 in order for a conditional receipt to be issued, the applicant must A take a medical examination B sign the application and pay the initial premium C name a beneficiary D elect a settlement optionThe following situations generally require a contract to be in writing: • sales of land • purchases of goods over $500 • promises made in consideration of marriage ⚫ contracts that cannot be completed in less than one year • a contract in which one person promises to pay the debt of another person This legal concept is known as offer and acceptance promissory estoppel the statute of frauds et lux perpetua luceat eis