(Yr.1) Business Law for Accountants Flashcards
1
Q
What is a Contract
A
A contract can be defined as an agreement enforceable by the law between two or more persons to do or abstain from doing some act or acts, their intention to create legal relations
2
Q
What are the four basic elements of contract law
A
1) Offer
2) Acceptance
3) Consideration
4) Intention to create legal relations
3
Q
Define Offer?
A
A Clear statement of the terms on which one party (the offeror) is prepared to do business with another party
4
Q
What two types of offer are there?
A
1) Bilateral
2) Unilateral
5
Q
What is a Bilateral Offer?
A
Offeror promises to take and pay for goods and the offeree promises to supply the good
6
Q
What is a Unilateral Offer?
A
A Promise made in return for the completion of a specified act (e.g. a reward for the return of a pet)
