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Which of the following are always considered as minimum preconditions for a contract? Select TWO that apply:
Suggested Answer: D, E
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In order to form a contract to come into being, there are five conditions:
- Offer
- Acceptance
- Consideration
- Intention to be legally bound
- Capacity to contract
LO 1, AC 1.2
15 comments · newest first
LI
Lizette
2 months ago
Omission doesn't really fit as a precondition.
AR
Argelia
2 months ago
I feel like A is less critical than the others.
GE
Gearldine
2 months ago
True, but without consideration, a contract can't exist.
EL
Elouise
2 months ago
What about E? Intention is also important.
JA
Javier
3 months ago
I agree, promise and consideration are essential.
CH
Cherelle
3 months ago
I think B and D are key.
LA
Layla
3 months ago
Omission? Really? That one seems off to me.
LO
Lonny
3 months ago
I agree with B) and D) for sure!
OT
Otis
3 months ago
Wait, are we sure about E) Intention to be bound? Seems a bit vague.
NU
Nu
4 months ago
I think A) Specification is also important, though.
ST
Stefany
4 months ago
Definitely B) Promise and D) Consideration!
GE
German
4 months ago
I feel like both specification and consideration were emphasized in our practice questions, but I can't decide which one to pick.
FE
Felicidad
4 months ago
Omission sounds familiar, but I can't recall if it's a precondition or just something we talked about in relation to contract breaches.
AM
Ammie
4 months ago
I remember discussing intention to be bound in class, so that might be one of the answers too.
VI
Vilma
4 months ago
I think consideration is definitely one of the minimum preconditions, but I'm not sure about the second one. Maybe promise?