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PACC6009 Business Law

tag 0 Download 10 Pages / 2,325 Words tag 20-07-2021

Questions:

1) List and explain briefly each of the components required to demonstrate that a binding contract exists.

2) Does a contract have to be in writing to be binding. In your answer explain whether this is the case and further whether it is a good idea to put an agreement in writing.

3) What is a formal contract? Explain the "formalities" of such a contract and give two examples.

4) A group of friends meet for a regular drink at a hotel every Friday night. Each contribute $2 towards a group lottery ticket which is a drawn over the role of actually buying the syndicate ticket. When in fact a wining ticket is drawn for the group
 
5)Why is it important under the law to distinguish between a party who is an agent for a principal, from that of an independent contractor? In your answer explain the legal implications of each relationship.
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