Strand 5 Quiz: General Contract Principles

What is the primary way contracts are discharged?

• Rescission

• Delegation

• Assignment

• Performance

True or False: Specific performance is a legal remedy that requires a party to fully perform according to the terms of the contract.

• False

• True

True or False: Contracts related to the sale of goods over $100 must be in writing to be enforceable under the Statute of Frauds.

• False

• True

In contract law, what is the term used to describe the transfer of rights and/or benefits under a contract to another party?

• Accord and Satisfaction

• Delegation

• Assignment

• Rescission

True or False: Impossibility of performance is a defense to a claim of breach of contract that occurs when one party fails to deliver according to the terms of the agreement.

• False

• True

True or False: Contracts related to the sale of real estate must be in writing to be enforceable under the Statute of Frauds.

• True

• False

Based on the scenario, identify whether the agreement between Jack and Emily is an express or implied contract, and explain your answer. a) Express contract b) Implied contract

• Express contract

• Implied contract

Based on the scenario, identify whether the interaction between Sarah and the gas station constitutes an express or implied contract, and explain your answer. a) Express contract b) Implied contract

• Implied contract

• Express contract

Based on the scenario, what is the legal capacity of Tim to enter into the contract? a) Tim has full contractual capacity. b) Tim lacks contractual capacity due to being a minor. c) Tim has limited contractual capacity due to being a minor.

• Tim lacks contractual capacity due to being a minor.

• Tim has full contractual capacity.

• Tim has limited contractual capacity due to being a minor.

Based on the scenario, what is the legal capacity of Lucy to enter into the lease agreement? a) Lucy has full contractual capacity. b) Lucy lacks contractual capacity due to being intoxicated. c) Lucy has limited contractual capacity due to being intoxicated.

• Lucy has full contractual capacity.

• Lucy lacks contractual capacity due to being intoxicated.

• Lucy has limited contractual capacity due to being intoxicated.