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What exactly is a Contract?
By K Eicher
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Last updated about 4 years ago
9 questions
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Note from the author:
What exactly is a contract? Learn about the 6 elements needed for an aggreement to be considered a contract.
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Question 1
1.
Before we start let's find out what you may already know about contracts? How would you describe a contract and can you come up with any examples?
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Question 5
5.
If you say you will pay a band to play at your party, have you entered into a contract?
Yes
No
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Question 7
7.
Check all the charcteristics that must be present for a contract to be enforceable.
only two people can be named in a contract
all parties have to be serious about the agreement
a proposition by at least one party
the contract must be in writing
all parties have to be of "sound mind" and of legal age
it must be between people only
an acceptance of the propostion by another party
the exchange must be of a legal nature
some form of exchange (something given) by all of the involved parties
Question 8
8.
Pick one of the 6 elements of a contract and draw the idea without words.
visibility
View drawing
Question 9
9.
Which elelemnt of a contract did you draw in #8 above?
Offer
Acceptance
Consideration
Mutual Concent
Competence
Legality
Question 2
2.
At its most fundamental, what is a contract?
A document
Making an offer
Taking on liability
A promise to do something
Question 3
3.
On a more technical level, what is a contract?
A legally enforceable agreement.
An agreement
A promise
A legal document.
Question 4
4.
What are the 3 main ingredients needed for a contract to be legally enforceable?
Consideration
Acceptance
Liabilty
Offer
Legalization
Question 6
6.
Related to your response to #5. Explain why or why not?
