Final Exam Legal Environment Fall 2024

Front

What is the enforceability of a contract term that requires a service to be performed 'to the best of one's ability'?

Back

It is unenforceable because it is too vague.

Front

What does it mean when a non-breaching party sues for specific performance?

Back

They want the breaching party to fulfill their contractual obligations.

Front

What is the best strategy to resolve an ambiguous clause in a contract?

Back

Negotiate with the other party to clarify the clause.

Front

What element of a contract is proposed when John offers to sell his car to Jan for $500?

Back

Offer.

Front

What type of contract assumes the details without being explicitly stated?

Back

Implied.

Front

What is a contract?

Back

A legally binding agreement between two or more parties.

Front

What is the difference between an express contract and an implied contract?

Back

An express contract is stated in clear terms, while an implied contract is formed by the actions or conduct of the parties.

Front

What is a breach of contract?

Back

A failure to perform any term of a contract without a legitimate legal excuse.

Front

What are damages in the context of contract law?

Back

Monetary compensation awarded to a party for loss or injury due to a breach of contract.

Front

What is the purpose of a contract clause?

Back

To specify the rights and obligations of the parties involved.