#1
Which of the following is a key element of a valid contract?
Consideration
ExplanationIt signifies the mutual exchange of something of value
#2
What does the term 'offer' mean in contract law?
A proposal indicating willingness to enter into a contract
Explanation<brief_explanation>
#3
In contract law, what is 'consideration'?
A promise to do something or refrain from doing something
Explanation<brief_explanation>
#4
What is the difference between a unilateral and a bilateral contract?
Unilateral involves one party, bilateral involves two parties
Explanation<brief_explanation>
#5
What is the concept of 'Capacity' in contract law?
The ability of a party to understand and enter into a contract
Explanation<brief_explanation>
#6
What is the role of 'Rescission' in contract law?
Cancellation of a contract and restoration of parties to their pre-contract status
Explanation<brief_explanation>
#7
What is the significance of 'Consideration' in a contract?
It signifies the mutual exchange of something of value
Explanation<brief_explanation>
#8
What is the doctrine of 'Promissory Estoppel'?
A promise that can be enforced even without consideration
Explanation<brief_explanation>
#9
What is the 'Statute of Frauds' in contract law?
A rule that contracts must be written to be enforceable
Explanation<brief_explanation>
#10
What is the principle of 'Caveat Emptor'?
Let the buyer beware
Explanation<brief_explanation>
#11
What is the doctrine of 'Frustration of Purpose' in contract law?
Unexpected events making the contract impossible to perform
Explanation<brief_explanation>
#12
What is the 'Parol Evidence Rule'?
A rule excluding certain oral evidence when enforcing a written contract
Explanation<brief_explanation>
#13
In contract law, what is 'Duress'?
Undue influence exerted on a party to force them into a contract
Explanation<brief_explanation>
#14
What is the 'Mirror Image Rule' in contract law?
A rule requiring contracts to be identical to each other
Explanation<brief_explanation>
#15
What is the 'Doctrine of Privity' in contract law?
A doctrine limiting who can enforce a contract to the parties involved
Explanation<brief_explanation>