Question: Please try to answer all the questions fully. Please answer all the questions. Contract Law is probably the most important body of business law and

Please try to answer all the questions fully. Please answer all the questions.

Contract Law is probably the most important body of business law and as you begin your career in business there is no doubt that you will be involved in contracting.

Define:

Contract

Why are contracts so important to business? Explain fully.

List and describe the requirements of a valid contract.

What are the requirements of the offer? What are the requirements of acceptance?

What are the elements of consideration?

Define: Covenant not to Compete.

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