Contracts

Question 1

Intention

Answer 1

Parties must intend their agreement to be legally binding

Question 2

Capacity

Answer 2

Both parties must be legally able yo enter into a contract

Question 3

Consent

Answer 3

The contract must be entered voluntarily without threat or force from another person

Question 4

Legal implications on contracts

Answer 4

Buyer can resist on an exchange or refund
Some rights and duties are stated in the contract
If the product is fully broken the contract has been breached

Question 5

Contract breach refers to

Answer 5

When one of the parties fails to fulfill their responsibilities

There are errors in the contract

One of the parties lied about the information in the contract

One of the parties witheld information

Question 6

Legislation that govern employment

Answer 6

Labor relations act
Skills development act
Unemployment insurance act

Question 7

Types of insurance contracts

Answer 7

Life insurance 
Home and contents
Car insurance 
Disability insurance 
Medical insurance 
Travel insurance