1.

 What are the different characteristics or principle of contracts? The basic elements required for the agreement to be a
legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration;
capacity; and legality. In some states, element of consideration can be satisfied by a valid substitute.

2. What are the general principles of contract law? n common law, there are 3 basic essentials to the creation of
a contract: (i) agreement; (ii) contractual intention; and (iii) consideration. 3. The first requisite of a contract is that the
parties should have reached agreement.

3. What are the 5 essential elements of a contract? The five requirements for creating a valid contract are an offer,
acceptance, consideration, competency and legal intent.

4. What are the characteristics of contracts? A simple contract is an agreement made by two parties. This agreement can
be an oral or a written one. There must be an offer, consideration, and an acceptance to make it valid.

5. What are the 7 elements of a contract? Seven essential elements must be present before a contract is binding:
the offer, acceptance, mutual assent (also known as “meeting of the minds”), consideration, capacity, and legality.
Contracts are typically in writing and signed to prove all of those elements are present.

6. What are the 4 elements of a valid contract?

7. What are the three essential elements of a contract?  they are what are known as the offer, the acceptance, and
the consideration.

8. What are the natural elements of a contract? The requisites for formation of a legal contract are an offer, an
acceptance, competent parties who have the legal capacity to contract, lawful subject matter, mutuality of agreement,
consideration, mutuality of obligation, and, if required under the Statute of Frauds, a writing.

9. What are the essential requirements of a contract? Seven essential elements must be present before a contract is
binding: the offer, acceptance, mutual assent (also known as “meeting of the minds”), consideration, capacity, and
legality. Contracts are typically in writing and signed to prove all of those elements are present.

10. How a person can be bound by a contract entered into by another? In order to be bound by a contract, a person must
have the legal ability to form a contract in the first place, called capacity to contract. ... A minor generally cannot form an
enforceable contract. A contract entered into by a minor may be canceled by the minor or their guardian.

11. What are the types of contract? Fixed-price contract, Cost-reimbursement contract, Cost-plus contract, Time
and materials contract, Unit price contract, Bilateral contract, Unilateral contract, Implied contract.

12. What is an essential term of a contract? No Contract

13. What is a contract and its essential elements? A legal contract is an agreement between two parties that creates
mutual, legally enforceable obligations. Seven essential elements must be present before a contract is binding:
the offer, acceptance, mutual assent (also known as “meeting of the minds”), consideration, capacity, and legality.
14. Which of the following is the most key element of contract? Contracts Flashcards

15. What are the stages of contracts? A contract has three distinct stages: preparation, perfection, and consummation.
Preparation or negotiation begins when the prospective contracting parties manifest their interest in the contract and ends
at the moment of their agreement.

16. What are the main parts of a contract? an offer.,an acceptance,.an intention to create a legal relationship.
a consideration (usually money).

17. What are the six types of consideration? An offer made by the offerer, An acceptance of the offer by the
offeree, Consideration in the form of money or a promise to do or not do something, Mutuality between parties to carry out
the promises of the contract, Capacity of both parties in mind and age, Legality of terms and conditions.

18. What makes a contract unenforceable? A contract may be enforceable or unenforceable. ... A contract may
be unenforceable when certain statutory requirements have not been met. For example, an oral contract to buy land
would not be enforceable because the Statute of Frauds requires such an agreement to be in writing.

19. Is gift a contract? The existence of consideration distinguishes a contract from a gift. A gift is a voluntary and
gratuitous transfer of property from one person to another, without something of value promised in return. ... Mutuality -
The contracting parties had “a meeting of the minds” regarding the agreement.

20. Is a promise of a gift a valid contract? A gift is a voluntary and gratuitous transfer of property from one person to
another, without something of value promised in return. Failure to follow through on a promise to make a gift is not
enforceable as a breach of contract because there is no consideration for the promise.