Nature and Kinds of Contracts

Question 1

What do you call an agreement or promise that is enforceable at law?

Answer 1

A contract

Question 2

Offer, acceptance, certainty, consideration, intentions to create legal relations, genuine consent, legal purpose, legal capacity are all essential legal rules for a?

Answer 2

Valid contract

Question 3

Besides offer, acceptance, certainty, consideration and intentions to create legal relations what are other essential legal rules needed for a valid contract?

Answer 3

-genuine consent
-must be lawful or have legal purpose
-parties involved must have the legal capacity

Question 4

What are the 3 classifications of contracts?

Answer 4

1. According to enforceability
2. According to their formation
3. According to performance

Question 5

Differentiate between a void contract and a voidable contract

Answer 5

A void contract is not enforceable by the law because it lacks essential elements from the beginning
While
A voidable contract is one that is valid but has a defect in that allows one party, at their option, to void or enforce the contract e.g in fraud

Question 6

A valid, void and voidable contracts are all under which classification?

Answer 6

According to enforceability

Question 7

Differentiate between express and implied contracts under the classification of according to formation

Answer 7

Express contract is created in writing or by word of mouth
While
Implied contract is made in account of an act or a conduct done by parties

Question 8

difference between bilateral and unilateral contacts?

Answer 8

Bilateral- is one sided because only one party promises in exchange for the party’s performance e.g reward for finding a lost pet.
While
Unilateral- both parties make promises to each other e.g sale of goods contract

Question 9

Unilateral and bilateral agreements are under which classifications of a valid contract?

Answer 9

According to performance