Practical Contracts

Covenants are the promises the parties make about what they will do in the future.

• TRUE

• FALSE

A(n) ______________ is a violation of a contract that defeats an essential purpose of the agreement.

• Sole Discretion

• Material Breach

• Good Faith

• Covenant

A party with ______________________ has absolute right right to make any decision on that issue.

• Covenant

• Good Faith

• Material Breach

• Sole Discretion

____________________ means an honest effort to meet both the spirit and letter of the contract.

• Covenant

• Good Faith

• Sole Discretion

• Material Breach

The biggest difference between Choice of Law Provisions and Choice of Forum Provisions is which state’s laws will be used to interpret the contract and what state possibly litigation may take place.

• TRUE

• FALSE

A transfer of obligations in a contract is also known as an Assignment Of Rights and a transfer of benefits under a contract to another person is known a Delegation Of Duties

• TRUE

• FALSE

War, terrorist attack. Fire, or a flood is an example of a _____________.

• Assignment Of Rights

• Scrivener’s Error

• Force Majeure Event

• Rider

A contractual assurance that goods will meet certain standards is called a(n) _____________________.

• Warranty

• Express Warranty

• Merchantable

• Collateral

A(n) ___________ is a statement that a particular warranty does not apply.

• Merchantable

• Collateral

• Rider

• Disclaimer

Property that is subject to a security interest is called ___________.

• Disclaimer

• Warranty

• Collateral

• Rider