#1
What is an offer in a contractual agreement?
A proposal made with the intention of creating a legally binding contract
ExplanationOffer: Proposal for a contract.
#2
Which element is essential for the validity of a contract?
Mutual agreement
ExplanationMutual agreement: Agreement between parties.
#3
What is consideration in a contractual agreement?
A promise or something of value exchanged for the promise of the other party
ExplanationConsideration: Something of value exchanged in a contract.
#4
Which of the following contracts must be in writing to be enforceable?
Sale of goods over $500
ExplanationContracts over $500 require writing.
#5
What is the statute of frauds in contract law?
A law that requires certain contracts to be in writing to be enforceable
ExplanationStatute of Frauds: Certain contracts require writing.
#6
What is the difference between void and voidable contracts?
Void contracts are valid until revoked, while voidable contracts can be canceled by one party.
ExplanationVoid vs. Voidable: Void cannot be enforced; voidable can be canceled.
#7
Which of the following is an example of a unilateral contract?
A reward offer
ExplanationUnilateral Contract: Promise in exchange for performance.
#8
What is the difference between a bilateral and a unilateral contract?
A bilateral contract involves promises from both parties, while a unilateral contract involves a promise from only one party.
ExplanationBilateral vs. Unilateral: Both promise vs. one promise.
#9
What is the doctrine of frustration in contract law?
A contract becomes impossible to perform due to unforeseen circumstances beyond the control of the parties
ExplanationFrustration: Contract becomes impossible due to unforeseen events.
#10
What is promissory estoppel in contract law?
A doctrine that prevents a party from denying a promise when the other party relies on it to their detriment
ExplanationPromissory Estoppel: Prevents denial of promise if reliance causes harm.
#11
What is the parol evidence rule in contract law?
A rule that prohibits the introduction of oral evidence to contradict the terms of a written contract
ExplanationParol Evidence Rule: Prevents oral evidence against written contract.
#12
What is the doctrine of impossibility in contract law?
A doctrine that applies when one party's performance becomes objectively impossible due to unforeseen circumstances
ExplanationImpossibility: Performance becomes impossible due to unforeseen events.
#13
What is the doctrine of privity of contract?
A doctrine that prevents third parties from enforcing a contract
ExplanationPrivity of Contract: Only parties can enforce contract.
#14
What is specific performance in contract law?
A remedy that requires a party to fulfill their contractual obligations as agreed
ExplanationSpecific Performance: Court orders fulfillment of contract terms.