What are the requirements for a valid and binding contract?
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- Define the term contract . (b) Explain the essentials of a valid contract. You may use cases or examples where possible.8. 9. 10. If the offeree adds new conditions to the offer, he is said to have A) Rejected the offer B) Accepted the offer C) Refused the offer bozoqmoo D) Made a counter-offer During the formation of the contract, if the object does not exist then this contract is A) Void with relative nullity B) Valid C) Enforceable D) Void with absolute nullity is an alteration of the truth made with the intention of obtaining unfair advantages for one party, or causing loss to another. A) Lesion B) Violence C) Fraud D) Mistake als TautThe general rule is that no formalities are prescribed for the validity of a contract. True or false?
- Explain the key elements of a valid contract, including offer, acceptance, consideration, capacity, and legality. Provide examples to illustrate each element and discuss how contracts can be enforceable or voidable.Which of the following is created once an offer has been unconditionally accepted? A. A conditional contract B. An agreement c.A binding contract D. A voidable contract1. What are the requirements for an offer? 2. How is an offer terminated? Describe the circumstances in which a counteroffer results.
- If any of the owners decided eventually to sell any or all of their shares and had identified a potential buyer, they all agreed that Ay-Bee-Cee-Dee Corp. should be granted the right to match the offer of the potential buyer and, thereby, buy back the shares rather than allowing that potential buyer to become a part owner of the company. To accomplish this, which of the following types of restrictions on transfer needs to be attached to the shares? Multiple Choice Provision disqualifying purchasers Buy-and-sell agreement Consent restraint Right of first refusal Option agreementWhat is the difference between a void contract and a voidable contract?Why is past consideration no consideration at all? The adequacy of past consideration is difficult to determine. Past consideration is considered to be illusory. Past consideration may involve parties who are not involved in the current contract. Past consideration was provided before the current contract was made, and the current contract requires a benefit that has not yet been conferred.
- You are required to fully advise Jackson as to what constitutes a valid contract in law.in your discussion, you must also provide practical examples for each element that you have listedAn agreement made to sell a truck load of tomatoes, which was not in existence at the time of contract is: O a. Voidable at the option of either party O b. A void agreement O C.A valid agreement O d. An unenforceable agreementThe contractual element of agreement requires __________. a.) an offer with definite terms, but not an acceptance b.) an offer and acceptance in written form c.) mutual assent between persons d.) a verbally communicated offer and acceptance