Contract Law-Offer & Acceptance

Question 1

What is a Contract?

Answer 1

A Contract is an agreement which creates obligations by which the parties to the contract intend to be legally bound

Question 2

What are the ingredients of a contract?

Answer 2

1) Agreement
2) Consideration
3) Intentional to create legal relations

Question 3

What is an Offer?

Answer 3

“An expression of willingness to contract on specified terms, made with the intention that it is to become binding as soon as it is accepted by the person to whom it is addressed” - Treitel
•Must be an intention to be bound by a definite proposal

Question 4

What is Acceptance?

Answer 4

“A final unqualified expression of assent to all the terms of an offer”- Treitel

Question 5

What is a simple contract?

Answer 5

A contractual agreement that is not made by way of a deed (so requires consideration)

Question 6

What is consideration?

Answer 6

“either some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility, given, suffered, or undertaken by the other” - Currie v Miss