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CSEC REVISION QUESTIONSRM ACCOUNTS ED

CONTRACTS

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What is a contract?

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State FOUR of the seven characteristics of a valid contract.

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What exactly is “an invitation to treat”?.

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Give meaning to the following terms:

offeroffererofferee

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Consideration (price for/to secure legal obligation) is a very valuable part of a contract.

Identify THREE of its essential features.

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Name THREE categories of persons who the “law” declares in principal as not having the “capacity” to bind themselves in a contract.

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Identify THREE ways a simple contract differs from a specialty contract.

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What do the following terms really mean:

discharge of contract

executory consideration

frustration (of contract)

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What do the following terms really mean:

discharge of contract

executory consideration

frustration (of contract)

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Discuss THREE ways in which a contract can be discharged.

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Explain the concept of ‘an offer’ as it relates to making a contract.

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Consider whether the following form simple contracts and specialty contracts.purchased a plane ticket to Australia

Purchased land lot #130 from a real estate agent

Took the public transport (bus) to Bridgetown

Entered in a hire purchase agreement with Standards

Wrote and used a cheque to pay off a debt.

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For help with answers

go to

http://www.slideshare.net/ry_moore/contracts-cxc-csec