#1
What is an offer in contract law?
A promise to do something in the future
An expression of willingness to contract on specified terms
A completed contract
A statement of past facts
#2
In contract law, what does the term 'mutual assent' refer to?
A promise to do something in the future
An agreement between the parties to the terms of the contract
The termination of a contract
An obligation to perform a certain act
#3
What does the term 'privity of contract' mean?
The legal requirement for a valid contract
The relationship between the parties to a contract, allowing them to enforce the terms
A type of voidable contract
The termination of a contract
#4
What is the role of 'good faith' in contract performance?
A requirement to negotiate in bad faith
A duty to act honestly and fairly in the performance of contractual obligations
A doctrine allowing unlimited changes to a contract
A principle preventing a party from asserting a particular fact
#5
What is the legal principle of 'consideration' in a contract?
The exchange of money only
An act or promise that has value in the eyes of the law
The duration of a contract
The termination of a contract
#6
What is the 'parol evidence rule' in contract law?
A rule limiting the admissibility of oral or written evidence to explain the terms of a written contract
A rule allowing any evidence to be presented in court
A rule applying only to verbal contracts
A rule restricting evidence in criminal cases
#7
What is the significance of the 'Statute of Frauds' in contract law?
It requires certain contracts to be in writing to be enforceable
It regulates the duration of contracts
It allows parties to change contracts at any time
It pertains only to verbal contracts
#8
What is 'anticipatory repudiation' in contract law?
A breach of contract that occurs before the performance is due
A form of consideration
An agreement to modify a contract
A type of voidable contract
#9
What is the difference between 'express' and 'implied' contracts?
Express contracts are written, while implied contracts are oral
Express contracts involve intentional communication of the terms, while implied contracts arise from the parties' conduct
Express contracts have no legal effect, while implied contracts are legally binding
Express contracts are only applicable to sales transactions
#10
What is the principle of 'caveat emptor' in contract law?
The legal requirement for a written contract
The buyer's obligation to inspect goods before purchase
A type of voidable contract
The termination of a contract
#11
What is a 'voidable contract'?
A contract that is not enforceable by law
A contract that is valid and binding
A contract that can be affirmed or rejected by one of the parties
A contract with unclear terms
#12
What is the doctrine of 'frustration' in contract law?
A doctrine that excuses performance when a party's principal purpose is substantially frustrated
A doctrine allowing unlimited changes to a contract
A doctrine related to the intention to create legal relations
A doctrine only applicable to sales contracts
#13
What is the difference between 'void' and 'voidable' contracts?
Void contracts are unenforceable, while voidable contracts can be affirmed or rejected by one of the parties
Void contracts are valid and binding, while voidable contracts lack legal effect
Void contracts involve fraud, while voidable contracts are based on mutual mistake
Void contracts are written, while voidable contracts are oral
#14
What is the doctrine of 'promissory estoppel'?
An agreement to modify a contract
A promise made without any intent to create legal relations
A promise binding the promisor if injustice can be avoided only by enforcing the promise
A doctrine that applies only to written contracts
#15
What is the doctrine of 'estoppel'?
A principle allowing unlimited changes to a contract
A rule limiting the admissibility of evidence in court
A principle preventing a party from asserting a particular fact or legal theory
A doctrine related to the intention to create legal relations
#16
What is 'duress' in contract law?
A condition making a contract void
An undue influence exerted to coerce a party into entering a contract
An agreement to modify a contract
A doctrine allowing oral evidence in court