Chapter 05 - Learning Objectives

After studying this chapter, you should be able to:

1. What is a contract?
2. When does an agreement exist? What is an offer? Is an advertisement an offer?
   What is an acceptance? When is it effective?
3. How do we know whether the parties to an agreement intended for it to be legally enforceable?
4. A promise is only enforceable if it is ‘supported by consideration’. What does this mean? Why is it that consideration ‘need not be adequate’ but ‘must be sufficient’? How can a promise be enforced in the absence of consideration?
5. What if one of the parties to the contract made a mistake? What if they were pressured or threatened or manipulated? What if the other party took advantage of them?
6. Can a contract be enforced against a child? Or against someone who was intellectually disabled, mentally ill or intoxicated at the time they made the contract?
7. Do contracts always have to be in writing and signed?
8. What if the contract is for an illegal purpose?
9. Can one person make a contract on behalf of another person?