Contract Law Basics
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These flashcards cover key concepts related to contracts, including definitions and specific legal rules.
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8 Terms
What is the status of a simple contract in terms of writing requirements?
A simple contract does not require writing at all.
True or False: A breach of a condition in a contract entitles the innocent party to terminate the entire agreement.
False.
What does an advertisement of goods for sale constitute?
An invitation to treat, not an offer.
When goods are sold by tender, what do they constitute?
An offer.
True or False: A contract can be binding even if the offer and acceptance do not match.
True.
If the offer is stated to be open for a specific period, when can acceptance be made?
Acceptance can be made at any time during that period.
What is required for consideration in a contract?
Consideration need not be sufficient but must be adequate.
At what age is a person considered to have reached majority in all spheres?
18 years.
