Intro to Formation of Contract (Paper 3-Section B Topics 1-4) Flashcards
1
Q
What is a contract?
A
‘A contract is a promise or a set of promises which the law will enforce.’
2
Q
What does a valid contract require?
A
Offer
Acceptance
Consideration
Intention to create legal relations
3
Q
What is an Unilateral Contract?
A
Where only one of the two parties has an obligation to fulfil.
4
Q
Give an example of an Unilateral Contract
A
Missing dog posters.
5
Q
What is a Bilateral Contract?
A
Where both parties have an obligation to fulfil.
6
Q
Give an example of a Bilateral Contract
A
Purchasing a phone.
