BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
4
|
|
|
3
|
|
|
5
|
|
|
8
|
Detailed explanation-1: -Types of contracts on the basis of nature of the contracts. The nature of the contract is diverse and specific to the parties involved. On the broad level, they can be classified as unilateral, bilateral, unconscionable, adhesion, aleatory and option types.
Detailed explanation-2: -A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date.
Detailed explanation-3: -There are 7 essential elements an agreement must have to be considered a valid contract. The elements of a contract include identification, offer, acceptance, consideration, meeting of the minds, competency and capacity, and legality.