Part 1 - Short answer questions ( 30 marks total - 3 marks each) 1. What are the legal requirements for a valid contract? 2. Provide two examples of circumstances that might make an offer lapse. 3. What effect does a counteroffer have on an offer? 4. Explain the concept of legal capacity and provide two examples of where capacity might not exist. 5. Explain the requirement for legality of contract, provide an example of an illegal contract, and explain the effect of illegality. 6. Explain the principle of quantum meruit and provide an example. 7. What is rectification and what are the requirements for a court to grant it? 8. When does equitable estoppel apply and how can a party to a contract use it? 9. Define undue influence and distinguish undue influence from duress. 10. What is an agreement in restraint of trade and in what circumstances is it enforceable