What is the difference between an offer and an invitation to treat?

An offer is a definite promise to be bound by specific terms, while an invitation to treat (ITT) is an invitation to others to make offers, like goods displayed in a shop.

How much detail on case law do I really need for the LW exam?

You do not need to know hundreds of cases; focus on the main one or two landmark cases for each key principle, such as *Carlill v Carbolic Smoke Ball Co* for unilateral offers.

Is a verbal agreement as valid as a written one?

Yes, for most types of contracts, a verbal agreement is legally binding, provided the four elements of formation can be proven. However, some contracts, like those for the sale of land, must be in writing.

What if I can't remember the exact case name in the exam?

If you forget the name, describing the facts and the legal principle from the case is often enough to still get the mark. The principle is more important than the name.

How do I know I'm ready to move on from this topic?

You are ready when you can consistently apply the four-part test (offer/acceptance, consideration, intention, capacity) to a simple scenario question and arrive at the correct conclusion, as in the worked example.

What happens if a contract is made with a minor?

Contracts with minors are generally not binding on the minor, except for contracts for 'necessaries' (like food or clothing) or beneficial contracts of service (like apprenticeships).

LW Corporate and Business Law

Formation of a Contract: ACCA LW Guide

Understand the core elements of contract formation for the ACCA LW exam. Learn about offer, acceptance, consideration, and intention with clear examples.