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International business and trade

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Reference no: EM133121283

Course: International Business and Trade

Topic: Contract Requisites

TRUE OR FALSE

  1. A contract is mutual because its establishment, enforcement, and effects are determined by all parties to it.
  2. A person is unduly influenced into entering into a contract when he is threatened with any imminent injury to his person or property, or the person or property of his spouse, parents, or children.
  3. Contracts are agreements between at least two parties whereby one renders in favor of the other some obligation in exchange for a consideration.
  4. Contracts can be verbal.
  5. After being told that a food item tastes good and you buy it, and you do not particularly like the taste, you can claim vitiation of consent and return the rest of the purchase if this is possible, or get a refund.
  6. If a person accepts an offer of a price with the condition that it be paid in instalments, there is already a contract between him and the offeror of the price.

Reference no: EM133121283

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