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Under contract law, a valid contract requires consideration, capacity and legal purpose. Legal consideration requires the...

  1. Under contract law, a valid contract requires consideration, capacity and legal purpose.
  2. Legal consideration requires the payment of money from one party to another party in order to satisfy the common law.   
  3. An Offer at common law can be withdrawn by the Offeror at any time before acceptance by the Offeree and no contract is formed
  4. At common law, an oral contract is not enforceable due to the Statute of Frauds.   
  5. At common law, a voidable contract means that either party to the contract can elect to avoid the terms of the contract without any liability.

True or False?

Business   Accounting   
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Answers :

  1. Under contract law, a valid contract requires consideration, capacity and legal purpose - True;
  2. Legal consideration requires the payment of money from one party to another party in order to satisfy the common law - False, consideration need not be in money form it can be in any form;
  3. An Offer at common law can be withdrawn by the Offeror at any time before acceptance by the Offeree and no contract is formed - True;
  4. At common law, an oral contract is not enforceable due to the Statute of Frauds - False;
  5. At common law, a voidable contract means that either party to the contract can elect to avoid the terms of the contract without any liability - False.
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