Contract Elements

Question 1

The elements of a contract are:

Answer 1

Offer; acceptance; Consideration

Question 2

Offer:

Answer 2

made by the offeror. It must contain the basic elements os the contract which is the price and subject matter. Is submitted to the purchaser.

Question 3

Acceptance:

Answer 3

Must be an agreement to proceed on the basis set out in the offer. Needs to be communicated to the offeror to be effective. The offeree can make a counter offer ( some variations on the original contract)

Question 4

Consideration

Answer 4

The contract is enforceable when something of value is given;