1.1. General Principles

Try these first

1. 1.

   What are the five essential elements of a contract?

   Hint

   Think about what is needed for a valid agreement.

2. 2.

   Define a void contract.

   Hint

   Consider what happens if the object of the contract is illegal.

3. 3.

   What is required for a contract to be valid?

   • Offer only
   • Offer and acceptance
   • Offer
   • acceptance
   • consideration

   Hint

   Remember the acronym OACCL.

4. 4.

   True or False: A voidable contract is always enforceable.

   • True
   • False

   Hint

   Think about the circumstances under which it can be annulled.

5. 5.

   Analyze a scenario in which a young entrepreneur signs a contract under a false representation about a product's features. What implications arise from this scenario?

   Hint

   Reflect on the role of truth in contract agreements.

6. 6.

   Consider a case where a company frequently engages in bid shopping after securing a contract. Discuss the legal and ethical implications of this practice.

   Hint

   Think about the fairness and integrity in bidding.