Contract Law Flashcards
1
Q
What is a contract?
A
An agreement between 2 or more parties which is legally binding and enforceable by law
2
Q
What makes a contract?
A
Contract = Offer + Acceptance
3
Q
How do you determine whether something is a legally binding contract? (5 points)
A
- Agreement/Mutual Assent
- Consideration
- Intention to create legal relations
- Capacity to contract - fit for duty
- Compliance with formality requirements
4
Q
A
