What is a contract

Question 1

What is the definition of a contract

Answer 1

a voluntary agreement between two or more parties enforceable by the state via the courts

Question 2

What are the 4 things required for a contract

Answer 2

• an intention by all the parties to enter into legal relations
• an offer
• an acceptance of that offer
• consideration → or made under seal in certain circumstances

Question 3

Can a contract be made from an oral agreement
When does a contract need to be in writing

Answer 3

Yes
certain instances e.g. buying / selling land

Question 4

When can a contract be nullified

Answer 4

when it is not made properly -> will be void or voidable

Question 5

When is a contract void
what does that mean

Answer 5

unenforceable
when the subject of the contract is illegal e.g. a contract to commit a crime

Question 6

When is a contract voidable

Answer 6

when 1 party did not freely consent due to duress or undue influence

Question 7

What are complete contracts

Answer 7

main focus of this course
when what is to be done or sold is clear and known from the outset

Question 8

Where do we see incomplete contracts

Answer 8

very common in employment where there is no end date to the contract & the tasks of an employee may change throughout the contract period