Legal Principles in Contractual and Business Relationships Quiz

Certainty is not a requirement for a valid contract.

Consideration is something of value exchanged for a promise in a contract.

Breach occurs when one party fails to fulfill their obligations under a contract.

An Executed contract is one where both parties fulfill their obligations immediately.

A Bilateral contract involves both parties making promises to each other.

A Unilateral contract involves one party making a promise to induce the other party to take action.

All parties to a contract must act honestly and in good faith.

A court can refuse to enforce a contract if it is excessively one-sided.

A contract cannot be enforced if one party was forced under threat or pressure, according to the Doctrine of Duress.

The Doctrine of Mistake allows a contract to be set aside if both parties were mistaken about a fundamental fact.

The Doctrine of Mistake allows a court to refuse to enforce a contract entered into due to a serious mistake.

The Doctrine of Consideration states that a party cannot enforce a promise without receiving something in return.

Doctrine of Estoppel prevents a party from denying a previously asserted statement.

A contract might be considered void under various circumstances, including fraud, duress, and mistake.

Doctrine of Estoppel prevents a party from enforcing a contract if they have acted in a way suggesting they gave up their rights.

Doctrine of Misrepresentation prevents enforcing a contract if a party knew or should have known about a mistake.

The Doctrine of Fraud allows a party to refuse obligations if the other party induced them through fraudulent misrepresentation.