#1
Which element is essential for a valid contract?
All of the above
ExplanationOffer, acceptance, consideration, intention to create legal relations
#2
What is the legal term for a contract in which both parties exchange promises?
Bilateral contract
ExplanationContract where both parties exchange promises
#3
What is the significance of 'consideration' in a contract?
It signifies the seriousness of the parties' intent to be bound by the contract.
ExplanationDemonstrates parties' intention to be legally bound by their promises
#4
What is the legal term for withdrawing an offer before it is accepted?
Revocation
ExplanationWithdrawal of an offer before it is accepted
#5
Which of the following is not a valid form of consideration?
A promise to perform a pre-existing duty
ExplanationPerformance of an existing contractual obligation is not valid consideration
#6
What is the principle of 'Caveat Emptor' in contract law?
Let the buyer beware
ExplanationBuyer is responsible for checking the quality and suitability of goods before purchase
#7
What is the doctrine of frustration in contract law?
An unforeseen event making performance impossible
ExplanationUnforeseen events making contractual performance impossible
#8
In contract law, what is the 'parol evidence rule'?
A rule excluding evidence of prior negotiations or agreements
ExplanationExcludes prior negotiations or agreements not reflected in the written contract
#9
In contract law, what is the difference between a condition and a warranty?
A condition is a major term, while a warranty is a minor term.
ExplanationConditions are fundamental terms; warranties are less significant