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PDF Contract Law Question paper June 2022

Describe the effect of an 'honour clause' in a commercial agreement (2 marks) 5 Identify any three factors used by the courts to determine whether a 

PDF Business Law Practice Questions

Assume the UCC applies and the statute of limitations for oral contracts is two years and for written contracts is four years Answers to Business Law 

  • What is the definition of a contract?

    A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty.
    A legally enforceable contract requires the following elements, all of which are discussed in more detail below.

  • What is meant by quasi contract?

    A quasi contract is a legal obligation—not a traditional contract—which is decided by a judge for one party to compensate the other.
    Thus, a quasi contract is a retroactive judgment to correct a circumstance in which one party acquires something at the expense of the other.

  • Offer and Acceptance Definition in Contract Law
    An offer is a clear and specific proposal made by one party (the offeror), with the intention of being accepted by another party, (the offeree), while acceptance is the unconditional agreement to the terms of the offer.

  • What is the law of contract in business law?

    A. contract may be formed when two or more parties each promise to perform or to refrain from performing some act now or in the future.
    A party who does not fulfill his or her promise may be subject to sanctions, including damages or, under some circumstances, being required to perform the promise.

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