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 Which of the following describes how courts deal with the adequacy of consideration? 

A

 Courts will seek to ensure that consideration from each party is of equal value 

B

 Courts will seek to ensure no party makes excess profit 

C

 Courts will not interfere in a contract to rectify a bad bargain 

Which of the following statements regarding the adequacy and sufficiency of consideration is correct?

A

Consideration does not need to have a value to be sufficient 

B

 Consideration is sufficient if it has some economic value 

C

Consideration does not need to be sufficient but must be adequate 

 Which of the following is true regarding privity of contract? 

A

 Third parties to a contract generally have enforceable rights under it 

B

 Only parties to a contract generally have enforceable rights under it 

C

 Privity of contract only relates to rights under a contract, not obligations 

 Which of the following is NOT an exception to the rule of privity of contract? 

A

 A third party to a contract can sue for losses they incur under a contract if the losses are foreseeable

B

 A third party to a contract can bring an action under it if an implied trust has been created 

C

 A third party to a contract can enforce rights under it if it is equitable for them to do so 

Which of the following can be accepted so as to form a binding contract? 

A

 A supply of information 

B

 A statement of intent 

C

 A quotation of price 

D

 An agreement to enter into a future contract 

 Contracts are legally enforceable agreements. 

Which of the following statements regarding contractual agreements is true? 

A

 They must be in writing 

B

 They must be evidenced in writing 

C

 They need not be in writing 

As a general rule, acceptance must be (1)__________ to the (2) __________  and is not effective until this has been done. An (3)__________  is a definite promise to be bound on specific terms, and must be distinguished from a supply of (4)__________  and from an (5)__________  A counter-offer counts as (6) __________  of the original offer 

A valid contract is a legally binding agreement. The three essential elements of a contract are (1) ____________, (2) ____________ and (3) ____________ . 

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【论述题】

Identify whether the notice Ann placed in her gallery window is an offer or an invitation to treat 

 State whether Ann has entered into a binding contract with Chas