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1
Final Exam — Short Essay Study Questions
Name
Institution Affiliation
Date
2
Answer 1
An offer must be issued to initiate a contractual agreement. Once the offer has been given, the
offeree has the option of accepting or rejecting the proposition and its contract terms. Something
of significance has to be exchanged between the two parties to have a legitimate contractual
relationship.
Answer 2
Contract law’s main goal is to provide a foundation for individuals to contract legally. By
creating laws solely relevant to the individuals who make the agreement and its consequent
legally enforceable laws, the agreement can contractually obligate the consenting parties. The
main advantage of a contract is that it can be enforced. If one party fails to perform its
contractual obligations, the other party might file a civil suit to recover compensation for the
losses experienced due to the breach.
Answer 3
For an offer…
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