Contract Law Principles and Remedies Quiz

All essential elements like offer, acceptance, consideration, and legal capacity are required for a valid contract.

In most jurisdictions, the legal age for entering into a contract is 18 years.

'Consideration' in contract law refers to something of value exchanged by the parties, motivating them to enter into the contract.

'Capacity' in contract law refers to a party's mental and legal ability to understand and voluntarily enter into a contract.

Exemption is not a remedy available for breach of contract; remedies typically include damages, specific performance, or rescission.

The 'parol evidence rule' prohibits the use of oral evidence to contradict the terms of a written contract.

In a bilateral contract, both parties exchange promises, while in a unilateral contract, one party makes a promise that the other party can accept only through performance.

The 'Statute of Frauds' mandates certain types of contracts to be in writing to be legally enforceable.

A contract might be considered 'void' if it lacks essential elements, involves illegal activities, or lacks legal capacity.

The doctrine of 'frustration' permits contract termination when unforeseen circumstances make performance impossible or substantially different from what was initially agreed.

'Void' contracts are null and cannot be enforced, while 'voidable' contracts are valid until a party chooses to void them due to certain circumstances.

'Specific performance' is a legal remedy where the court compels the breaching party to fulfill their contractual obligations as outlined in the contract.