Contract Law Principles Quiz

A unilateral contract involves one party making a promise in exchange for the performance of an action by the other party.

In most jurisdictions, the legal age required to enter into a contract is 18 years old.

Reward offers, where one party promises a reward in exchange for a specific action by another party, are examples of unilateral contracts.

All elements listed are essential for a valid contract: offer, acceptance, consideration, and intention to create legal relations.

Consideration refers to something of value exchanged between parties, such as payment or a benefit.

The parol evidence rule aims to prevent the introduction of oral or written evidence that contradicts or adds to the terms of a written contract.

Breach of contract occurs when one party fails to fulfill their contractual obligations as outlined in the agreement.

The Statute of Frauds requires certain types of contracts to be in writing to be enforceable, aiming to prevent fraudulent claims.

Compensatory damages aim to compensate the non-breaching party for the direct losses suffered as a result of the breach of contract.

The meeting of the minds refers to the mutual agreement between parties on the essential terms of a contract.

The Doctrine of Unconscionability enables courts to refuse enforcement of contracts that are unreasonably unfair or one-sided.

A void contract has no legal effect from the beginning, while a voidable contract is initially valid but can be voided by one party due to circumstances such as fraud or incapacity.

Quasi-contracts are legal obligations imposed by law to prevent one party from unjustly benefiting at the expense of another.

Express contracts have their terms explicitly stated, while implied contracts are inferred from the parties' actions or conduct.

Anticipatory repudiation occurs when one party to a contract indicates, before the time for performance, that they will not fulfill their contractual obligations.

The doctrine of frustration excuses performance under a contract when unforeseen events occur, making performance impossible or highly impracticable.

Novation occurs when parties agree to substitute a new contract for an existing one, with the consent of all parties involved, effectively replacing the original contract.