Contracts

Question 1

Who and what can imply terms of a contract?

Answer 1

• Statute
• Customs
• The Courts

Question 2

Who expresses terms of a contract?

Answer 2

The parties of the contract

Question 3

What is the minimum statutory notice period?

Answer 3

1 week per continued year of service, up to 12 weeks

Question 4

What is a tender?

Answer 4

A tender is a formal, written offer from a company

Question 5

What is a simple contract?

Answer 5

One that does not have to be in a particular form

Question 6

How must a contract with no considerations be executed?

Answer 6

As a deed (transfer of property ownership)

Question 7

What is revocation?

Answer 7

Withdrawal of an offer

Question 8

What is a unilateral contract?

Answer 8

a one-sided agreement where one party makes a promise in exchange for a specific act from another party. The offeree does not have to accept but if the complete the act the offerer is legally required to pay