Concept Of Contracts

Question 1

. There are laws that aim to protect and control businesses, and they are continually increasing and evolving.their main purposes are:

Answer 1

*To ensure there is a free competition between business

*to maintain a good level of safety and resources and secure ethical working conditions

• to protect consumers

Question 2

What is Copyright

Answer 2

Copyright is the mean to prevent othersof stealing the intellectual creations of people (stealing people’s work)

Question 3

What is patents

Answer 3

Patent is preventing imitation or original invention of products

Question 4

What is Trademarks

Answer 4

Trademarks are Words Letters or Symbol that are associated with a particular company or product

Question 5

What is a contract?

Answer 5

It is a written or spoken type of agreement between two or more people that is legally binding and enforceable in a court of law

Question 6

Unwritten contracts are implied as;

Answer 6

Contract by actions

Question 7

5 legal characteristics of contracts?

Answer 7

*Legality: a contract must have a legal purpose ( contracting someone to murder or commit burglary

*consideration: Each party must agree to give up something

*Agreement: all parties to a contract must be of mutual agreement (offer of acceptance)

• Capacity :the parties must be competent ( meaning being capable and not under influences such as drugs and alcohol)
• Good faith: all the parties must engage in the agreement freely and honestly

Question 8

What is simple contracts?

Answer 8

A simple contract is a simple agreement between two parties

Question 9

Define speciality contracts

Answer 9

Specially contracts are referred to as deed or contracts under seal

Question 10

Speciality contracts have three requirements:

Answer 10

*Signing - the contract is signed by all parties involved
*Sealing - the contract is attached with some form of raised seal
Delivery -

A SPECIALITY CONTRACT DOES NOT HAVE LEGAL SIGNIFICANCE UNLESS ALL THE ABOVE HAVE BEEN CARRIED OUT.

Question 11

Examples of specialty contracts:

Answer 11

Mortgage Agreements
Insurance contracts
Land or property sales
Hire purchase agreements
Sales of goods contract

Question 12

What is a Contract of Record

Answer 12

It refers to an order imposed by the court requiring a party to abide by a ruling set down by the court.

The ruling requires someone to do , or not to do, something.

Question 13

Form of business protection

Answer 13

Trademark
Patent
Copyright
Logo

Question 14

Parties to a contract?

Answer 14

‘The offer or
The offeree
The acceptor

Question 15

There are three elements to a contract process

Answer 15

The offer
The consideration
The ecceptance

Question 16

Person who are normally not considered to have full capacity….

Answer 16

PEsons under influence
Persons of unsound mind
Aliens
Minors

Question 17

What is Considération?

Answer 17

Consideration is the name given to the price or benefits each parties in contract receives

Question 18

Ways of terminating a contract

Answer 18

By performance—when the parties have completed the contrat

By breach of contract —when one party could not complete his or her agreement

By merger — this is when a higher or new agreement have replaced the old one

By mutual agreement —- this is when both partied agreed to terminate the contract
before it could be fulfilled

By death— when one party dies therefore contractual relation comes to an end

By lapse of time —- a contract does not last for a, indefinite time

By impossibility —– this when circumstances beyond the parties control occurs which mqke it impossible to complete the contract

Question 19

Three types of offer in a contract?

Answer 19

Specific offer
Implied offer
Express offer

Question 20

Mistakes and misrepresentation

Answer 20

Comon mistake
Mutual mistake
Unilateral mistake

Question 21

An acceptance can be made in several ways

Answer 21

Written statement
Verbal statement
Conduct

Question 22

The acceptance must be unqualified