Unit 4 pob Flashcards
1
Q
Contract
A
A legal/lawful agreement that is enforceable by law,with specific terms between two or more entities, in which there is a promise to do something in return for a valuable benefit(known as consideration)
2
Q
Consideration
A
(A valuable benefit) something of value given up by both parties as part of an agreement e.g. performance, promises or money
3
Q
How many types of contracts are there
A
8
4
Q
Most common form of contracts
A
The supply of goods
5
Q
duress
A
to coerce someone against their will
6
Q
types of contract
A
simple,specialty ,contracts of record
7
Q
An offer
A
a statement of the terms
8
Q
case law
A
law that has been established by following decisions made by judges and the courts.
9
Q
A
