Principle of Business-CONTRACTS

What are the elements of a valid simple contract?

Distinguish between an offer and an agreement. Give Two examples of each.

When may an offer be revoked? Give a reason for your answer.

Identify the rules governing consideration?

What are 'necessaries'?

Distinguish between a simple contract and a specialty contract?

Distinguish between the following:

a) Common mistake

b) Mutual mistake

c) Unilateral mistake

What may be the result of a counter offer?

Discuss the difference between fraudulent misrepresentation and innocent misrepresentation?

Explain the following terms:

a) Valid contracts

b) Void contracts

c) Voidable contracts

d) Illegal contracts