The principle of freedom of contract does not include which one of the following?
a.The freedom of parties to agree to terms that meet their legal requirements
b.The freedom of contracting parties to enter into any legal contractual agreement
c.The freedom of contract law from statutory regulation except in some specialized areas
d.The freedom of one party to leave a contract if that person wishes
e.The freedom of parties to define their own contractual liabilities and rules
2-An offer to sell something for a “good guy deal price” does not satisfy the legal criteria for consideration.
a.True
b.False
3-Which one of the following would not be a valid contract made under seal?
a.A gratuitous written promise made under seal to donate $400 to the Red Cross
b.A signed formal deed under seal to transfer a house to a favourite nephew
c.A contract made under seal after commencing employment where an employee promised never to reveal the employer’s trade secrets to any competitor
d.A contract made under seal by a 17-year-old to buy a big screen TV entertainment system, with the agreement to pay $1200, the fair market price.
e.A written promise made under seal to paint a house for $400.
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