Contract law basics

What is a contract?

• A formal agreement between two parties

• A casual conversation between two people

• A legal dispute between two parties

• A written letter between two friends

What is required for a contract to be enforceable?

• An offer, acceptance, consideration, capacity, intent, and legally enforceable terms

• A handshake and a verbal agreement

• A written document and a stamp of approval

• A phone call and a nod of the head

What is the term used when a party fails to fulfill their end of the bargain under a contract?

• Breaching the contract

• Negotiating the contract

• Ignoring the contract

• Accepting the contract

What is the most common method used to resolve contract disputes and enforce contracts?

• Online forums and chat rooms

• Family meetings and discussions

• Social media and public opinion

• Lawsuits and the court system

What are damages intended to do in a contract dispute?

• Punish the party accused of breaching the contract

• Ignore the financial harm caused by the alleged breach

• Compensate the injured party for the loss suffered

• Reward the party who successfully enforces the contract

What are the two types of contracts mentioned in the text?

• Express contract and implied contract

• Written contract and verbal contract

• Formal contract and unformal contract

• Legal contract and illegal contract