#1
Which of the following elements is essential for the formation of a valid contract?
Offer and acceptance
ExplanationOffer and acceptance are fundamental components indicating mutual agreement.
#2
Which of the following is NOT a requirement for a valid offer?
Acceptance
ExplanationAcceptance is necessary for the completion of a contract, not just the offer.
#3
Which of the following is NOT a requirement for a valid contract?
Written agreement
ExplanationA contract can be valid without being in written form.
#4
Which of the following is a valid condition for the termination of an offer?
All of the above
ExplanationVarious conditions, such as expiration, revocation, or rejection, can terminate an offer.
#5
Which of the following is NOT a valid element of a contract?
Intent to negotiate
ExplanationNegotiation intent isn't a requisite element for contract formation.
#6
In contract law, what does 'consideration' refer to?
The mutual exchange of promises
ExplanationConsideration involves the exchange of something of value between parties.
#7
Which of the following is NOT a valid contract voidable due to capacity issues?
A contract entered into by a corporation
ExplanationCorporations typically have legal capacity, making their contracts valid.
#8
What is the statute of frauds?
A law that requires certain contracts to be in writing to be enforceable
ExplanationStatute of frauds mandates written form for enforceability of specific contracts.
#9
Which of the following is NOT a type of damages available for breach of contract?
Punitive damages
ExplanationPunitive damages typically aren't awarded in breach of contract cases.
#10
What is the difference between an express contract and an implied contract?
An express contract is created by the parties' words, while an implied contract is inferred from their conduct
ExplanationExpress contracts explicitly state terms, while implied contracts arise from actions.
#11
What is the doctrine of privity of contract?
It states that only parties to a contract can enforce its terms
ExplanationPrivity of contract restricts enforcement to involved parties.
#12
Which of the following is NOT a valid defense to a breach of contract claim?
Remediation
ExplanationRemediation is not typically considered a legal defense to breach of contract.
#13
What is the doctrine of promissory estoppel?
It enforces promises made without consideration
ExplanationPromissory estoppel enforces promises even if not supported by consideration.
#14
What is the doctrine of frustration of purpose?
It allows for the discharge of a contract when its purpose becomes impossible to fulfill
ExplanationFrustration of purpose releases parties from a contract if its objectives are no longer attainable.
#15
What is the parol evidence rule?
It prohibits parties from introducing evidence outside of the written contract to contradict its terms
ExplanationParol evidence rule restricts the use of extrinsic evidence to alter written contract terms.