Contractual Obligations and Performance Quiz

All essential elements such as offer, acceptance, consideration, and legal purpose are required for a valid contract.

Breach of contract refers to the failure of one party to fulfill their contractual obligations.

Mitigation is a principle to reduce damages and is not a standalone remedy for breach of contract.

Consideration is the exchange of something of value, which is necessary for the formation of a contract.

In a bilateral contract, promises are exchanged by both parties, while in a unilateral contract, only one party makes a promise.

Privity of contract refers to the relationship between parties who have entered into a contract, allowing them to enforce its terms.

Anticipatory breach occurs when one party communicates an intention not to fulfill contractual obligations before performance is due.

Promissory estoppel enforces promises made without formal consideration if reliance on the promise led to a detriment.

A contract may be voidable if one party was coerced or under undue influence at the time of its formation.

Unilateral mistake is not generally considered a valid defense in breach of contract claims.

Substantial performance doctrine allows for minor breaches to be excused if the main purpose of the contract is fulfilled.

The statute of frauds mandates that certain types of contracts must be in writing to be enforceable.

Breach does not discharge a contract but rather constitutes a failure to fulfill contractual obligations.

Frustration of purpose occurs when unforeseen events make it impossible to achieve the purpose of the contract.