LAW OF CONTRACT

Question 1

What is Law of Contract?

Answer 1

“Contract” is an agreement between 2 persons that make them legally binding/ tied up between them.

A contract is legally enforceable because it meets the requirements and approval of the law

ENFORCEABLE BY LAW - Possible to make people obey, or possible to make happen

Question 2

The 7 elements of a contract

Answer 2

OFFER, ACCEPTANCE, CONSIDERATION, CAPACITY, INTENTION, CERTAINTY, FREE CONSENT

Question 3

The meaning of “OFFER” in elements of Contract

Answer 3

The promise one party makes to pay the other for their services.

For example, you might agree to pay a graphic designer $1,000 to create a logo for your business.

Question 4

The meaning of “ACCEPTANCE” in elements of

Contract.

Answer 4

“Acceptance” is when the other party agrees to perform the task for the compensation/ payment specified in the contract.

Accept the job so that the person will get remuneration/ payment

In this example, it’s when the graphic designer agrees to the price