Unit 6 - Contract Law

Question 1

The 6 elements of a valid contract are:

Answer 1

1. ) an intention to create a legal relationship
2. ) offer
3. ) acceptance
4. ) consideration
5. ) capacity to contract
6. ) legality

Question 2

Agreement as to the subject or object of the contract

Answer 2

Consensus ad idem

Question 3

The assumption at law that strangers intend to be bound by their promises

Answer 3

Intention to be bound

Question 4

A tentative promise subject to a condition

Answer 4

Offer

Question 5

True or false: an offer must be communicated by the offeror to the offeree before acceptance may take place.

Answer 5

True

Question 6

A statement or act given in response to and in accordance with an offer

Answer 6

Acceptance

Question 7

True or false: The acceptance of an offer does not need to be communicated to the offeror in the manner requested or implied by the offeror in the offer.

Answer 7

False - acceptance must be communicated in the manner requested or implied by the offeror in the offer

Question 8

The termination of an unaccepted offer by the passage of time, a counteroffer, or the death of a party.

Answer 8

Lapse

Question 9

The termination of an offer by notice communicated to the offeree before acceptance.

Answer 9

Revocation

Question 10

A separate promise to keep an offer open for a period of time.

Answer 10

Option

Question 11

An internet click box of “I agree”, which constitutes valid acceptance of enumerated contracted responsibilities.

Answer 11

Click-wrap agreement