1.9

Question 1

What is a contract?

Answer 1

A contract is a legally enforceable agreement between two or more people or parties.

Question 2

What does a contract outline?

Answer 2

It outlines the details of the agreement and the rights and responsibilities (obligations) of each of the parties.

Question 3

What are the 3 features of a simple contract?

Answer 3

1) Offer
2) Acceptance
3) Consideration

Question 4

What is a offer?

Answer 4

Is a proposal which involves one of the parties offering something of value to the other party in the agreement. The person making the offer (offeror) must clearly communicate their intention to the other party (offeree)

Question 5

What is acceptance?

Answer 5

When the offeree agrees to the proposal. This involves either a written or oral statement that clearly communicates the acceptance of the offer.

Question 6

What is consideration?

Answer 6

Is the final essential feature required to form a valid contract, this stage requires each party to the agreement to give up something of value.