Contract Law Basics

What is the primary objective of contract law?

• • To ensure that all agreements are legally binding.

• • To resolve disputes between parties.

• To enforce rights and obligations arising from agreements.

• To regulate the formation of agreements.

Which of the following contracts is not enforceable by law?

• • Valid Contract

• • Void Contract

• • Voidable Contract

• • Quasi-Contract

Which of the following is true about an offer in contract law?

• • It must be communicated to the offeree.

• • It must be accepted immediately.

• • It can be made to a specific person or the public at large.

• • Both a) and c)

Explain the difference between a valid and a void contract.

• A valid contract is legally enforceable and meets all the necessary requirements, while a void contract is not legally binding from the beginning and has no legal effect.

• A valid contract is not enforceable, while a void contract is legally binding.

• A valid contract has no legal effect, while a void contract meets all requirements.

• A valid contract is not legally binding, while a void contract is enforceable.

What is a voidable contract and how does it differ from a void contract?

• A void contract can be enforced in court

• A voidable contract is never valid

• A voidable contract is always legally binding

• A voidable contract is a valid agreement that can be declared void by one or both parties involved due to specific circumstances such as fraud or coercion. A void contract is not legally binding from the beginning, often due to the subject matter being illegal or against public policy.

Provide an overview of contingent contracts.

• Contingent contracts are only valid if signed on a Tuesday

• Contingent contracts are always fulfilled immediately

• Contingent contracts have no legal standing

• Contingent contracts are agreements that depend on the occurrence of a specific event in the future.

How would you distinguish between an agreement and a contract?

• An agreement is verbal, while a contract is written.

• An agreement is not legally enforceable, while a contract is enforceable by law.

• An agreement is a mutual understanding, whereas a contract is a legally binding agreement.

• An agreement is informal, while a contract is formal.

Can you define what an offer is in the context of contract law?

• An offer is a verbal agreement between parties.

• An offer in contract law is a proposal by one party to another intended to create a legally binding agreement.

• An offer is a unilateral promise by one party.

• An offer is a preliminary discussion with no legal implications.

What is a unilateral contract?

• A unilateral contract requires both parties to fulfill their obligations simultaneously

• A unilateral contract can be revoked by the party making the promise

• A unilateral contract involves promises from both parties

• A unilateral contract is a type of contract where only one party makes a promise or undertakes an obligation without receiving a reciprocal promise or obligation from the other party.

Explain the concept of an express contract.

• An express contract is a legally binding agreement where the terms are explicitly stated, either verbally or in writing, between the parties involved.

• An express contract is a contract that can be changed without the consent of all parties involved.

• An express contract is a verbal agreement that is not legally binding.

• An express contract is a contract where the terms are implied rather than explicitly stated.