Contract Law Essentials Quiz

An offer represents a willingness to enter into a contract with specific terms.

Mutual assent denotes the agreement between parties to the terms of a contract, indicating their consent to be bound.

Privity of contract refers to the direct relationship between parties to a contract, enabling them to enforce its terms.

Good faith requires parties to act honestly and fairly in their contractual dealings, avoiding deceit or unfair practices.

Consideration refers to something of value exchanged between parties to form a contract.

The parol evidence rule restricts the use of extrinsic evidence to alter or contradict the terms of a written contract.

The Statute of Frauds mandates written evidence for certain types of contracts to be legally enforceable.

Anticipatory repudiation refers to a party indicating its intention not to fulfill contractual obligations before the performance is required.

Express contracts are explicitly stated, while implied contracts are inferred from the parties' actions or circumstances.

Caveat emptor places the responsibility on the buyer to inspect goods before purchase, assuming the risk of defects.

A voidable contract is one that can be either ratified or voided by one of the parties involved.

The doctrine of frustration allows for the discharge of contractual obligations when unforeseen events make performance impracticable.

Void contracts lack legal effect from the beginning, while voidable contracts can be canceled by one party.

Promissory estoppel prevents a party from reneging on a promise if it would lead to injustice and the other party has relied on it.

Estoppel prevents a party from denying or asserting something contrary to what has been implied or previously stated.

Duress refers to coercive pressure or threats used to force someone into entering a contract against their will.