Contract Formation and Termination Quiz

Consideration is something of value exchanged for a promise.

Mutual feelings are not a required element for a contract to be considered valid.

Mutual rescission is a type of termination of a contract that occurs when both parties agree to end the contract.

Undue influence is a situation where one party is induced to enter into a contract by the wrongful conduct of the other party.

Novation is the act of substituting a new contract for an old one.

Revocation is the withdrawal of an offer before it is accepted.

'Quid pro quo' refers to consideration, something of value exchanged for a promise.

An express contract is one in which the terms are explicitly stated, either orally or in writing.

The 'mailbox rule' is a rule about acceptance being effective upon dispatch.

Anticipatory breach refers to a breach that is expected but has not yet occurred.

Nominal damages allow a party to recover damages even if they did not suffer actual losses due to a breach of contract.

Unconscionability allows a court to refuse to enforce an excessively one-sided contract.

Repudiation is the termination of a contract due to a fundamental breach by one party.

A unilateral contract involves one party making a promise in exchange for the other party's performance.

A void contract has no legal effect and is not enforceable by the court.

Force majeure is a situation where a party is released from the obligation to perform under a contract due to unforeseen and uncontrollable circumstances.

A bilateral contract involves a promise exchanged for another promise, and both parties are bound to perform.