Legal Concepts in Contract Law Quiz

Offer and acceptance are fundamental components that indicate mutual assent, a key requirement for a valid contract.

Consideration involves a reciprocal exchange of promises, forming the basis of a binding contract.

The parol evidence rule restricts the use of external evidence to alter or supplement the terms of a written contract.

Frustration of purpose occurs when unforeseen events make contract performance impossible, leading to potential release from obligations.

Unilateral contracts have a single promisor, while bilateral contracts involve reciprocal promises between both parties.

Promissory estoppel enforces promises lacking consideration when injustice would result from non-enforcement.

Express contracts have clearly stated terms, while implied contracts derive terms from the context or conduct of the parties.

Specific performance is a legal remedy compelling the breaching party to fulfill their contractual obligations.

Duress involves coercive threats or acts that compel a party to enter a contract against their will.

The doctrine of frustration allows parties to seek relief when unforeseen events render contract performance impossible or substantially different.

The doctrine of impossibility permits a party to avoid performance if it becomes objectively impossible due to unforeseen circumstances.

Unconscionability enables courts to reject enforcement of contracts deemed excessively unfair or oppressive.