Flashcards on Introduction to Contract Law
Introduction to Contract Law: Essential Concepts for Students
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Contract Law
42 cards
Card 1
Question: What is a contract?
Answer: A legally binding agreement that is enforceable by law and provides certainty in business and everyday life.
Card 2
Question: What distinguishes a contract from a simple promise?
Answer: A contract is enforceable by law, whereas a simple promise is not.
Card 3
Question: Name the essential elements required for a valid contract.
Answer: Offer, Acceptance, Consideration, and Mutual assent (agreement on terms).
Card 4
Question: What is consideration and why is it important?
Answer: Consideration is something of value exchanged; it distinguishes a contract from a gift.
Card 5
Question: What does mutual assent mean in contract formation?
Answer: The combined presence of offer and acceptance showing agreement on the terms.
Card 6
Question: Who lacks capacity to form a contract?
Answer: Persons who are not legally capable (e.g., underage or not of sound mind) cannot form valid contracts.
Card 7
Question: What requirement does legality impose on a contract?
Answer: The contract’s purpose must be lawful; illegal purposes make a contract void.
Card 8
Question: Define a bilateral contract.
Answer: A contract where both parties exchange promises.
Card 9
Question: Define a unilateral contract.
Answer: A contract consisting of a promise in exchange for an act.
Card 10
Question: What is an adhesion contract?
Answer: A take-it-or-leave-it contract with standard terms offered by one party.