Week 4 - What is a Contract Flashcards
1
Q
What is a contract?
A
A legally binding agreement between two or more parties
2
Q
What is the difference between a social agreement and a commercial agreement?
A
A commercial agreement is legally binding
3
Q
Vast majority of contracts are entered into with…
A
Without formalities
4
Q
In what forms can contracts be made?
A
Written or verbal
5
Q
What are the essential features of a valid contract?
A
- an offer
- acceptance
- consideration
- an intention to create legal relationships
- certainty
