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Contracts

QuestionAnswer
Name of the types of contracts Employment, Insurance, Lease Agreement, Purchase Agreement, Rental Agreement, Hire Purchase Agreement
What is a contract? A contract is n oral or written. legally binding agreement where there is consensus between the parties.
What are the laws that protect the parties that enter into a contract? Basic Conditions of employment Act, Labour Relations Act, Consumer Protection Act, Hire-Purchase Act, National Credit Act, Long-term Insurance Act, Short-term Insurance Act.
What is the elements of a valid contract? (1) Consensus - The parties must agree that they wish to enter into the contract and obligate themselves to the terms of the contract.
What is the elements of a valid contract? (2) Contractual Capacity - The parties must be legally capable of entering into the contract (they must be of legal age and of sound mind).
What is the elements of a valid contract? (3) Legality - The terms of the contract must not contradict the laws of the country.
What is the elements of a valid contract? (4) Physical Possibility - The parties must be able to perform the terms of the contract.
Give 5 elements of the employment contract. Job Title Duties of Employee Salary and benefits Working hours Termination of employment
What is a lease agreement? It is used to rent space to operate the business.
What is a hire-purchase agreement used for ? To buy a vehicle or durable goods such as appliances, equipment and furniture.
Why would a court not enforce the contract? the terms of the contract violate the laws of the country. the court determines that responsibilities in the contract are impossible to perform one party was forced to sign the contract
Created by: lesterstoffels
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