Law of contract - SS2 Commerce Past Questions and Answers - page 1
What is the purpose of the law of contract?
To enforce promises made between parties
To regulate employment relationships
To govern the sale of goods
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Which of the following is an essential element of a valid contract?
Consideration
Illegality
Duress
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What is an offer in the context of contract law?
A mutual agreement between parties
An expression of willingness to enter into a contract
A legal requirement to create a contract
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Which element of a valid contract ensures that the parties have the legal capacity to enter into an agreement?
Offer and acceptance
Capacity
Intention to create legal relations
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What is the role of consent in a contract?
It ensures the legal purpose of the contract
It determines the consideration exchanged between parties
It establishes the mutual agreement of the parties
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Explain the concept of consideration in a contract.
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Provide an example of a situation where a contract may be deemed void due to illegality.
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