1. What is meant by "freedom of contract"? Explain the impact of this principle on the development of contract law. What are two types of restrictions on this principle? (10 Marks) 2. Is an agreement to agree binding? Explain your answer. (8 Marks) 3. Distinguish between an offer to treat an an invitation to treat? (6 Marks) 4. When is a contract formed? (4 Marks) 5. Explain the role the post box rule on the principles governing acceptance? (5 Marks) 6. Does consideration have to be fair? Explain your answer. (5 Marks) 7. If a person is rescued promises to pay the rescuer $1000 but doesn't pay, will the rescuer be successful in suing for breach of contract? Explain your answer. (9 marks) 8. Explain the difference between a formal contract and parol contract. (3 Marks)