Introduction Flashcards
1
Q
What is a contract ?
A
A contract is an agreement between two or more parties. It can be oral or in writing.
2
Q
What does it take for a contract to be valid ?
A
Offer and acceptance of that offer and consideration
3
Q
Who make the offer and for whom ?
A
An offer is usually made by an offeror to an offeree
4
Q
What is acceptance ?
A
It is a validation from the offeree to all terms contained in the offer
5
Q
What condition must follow the acceptance ?
A
The acceptance must mirror the terms of the offer
6
Q
What is consideration ?
A
It is the reason, the motive to bargain for exchange.
