Business Law: Contract Law

The video tutorial introduces the topic of contract law, explaining its significance in business law. It defines a contract as a legally enforceable promise and discusses the role of contract law in enforcing promises, performance, and remedies for breaches. The tutorial is divided into seven sections, covering sources of contract law, requirements for a valid contract, alternative theories, performance, defenses for breaches, remedies, and third-party rights. The video aims to provide a comprehensive understanding of contract law and its application.

What is a contract primarily defined as?

• A verbal agreement between two parties

• A non-binding suggestion

• A legally enforceable promise or set of promises

• A casual understanding between friends

Which of the following is NOT a function of contract law?

• Assessing whether promises have been performed

• Determining what promises are enforced

• Providing remedies for breaches

• Ensuring all parties are happy

Which section discusses the requirements for a valid contract?

• Section D

• Section C

• Section A

• Section B

Which section will cover the rights of third parties affected by contracts?

• Section F

• Section E

• Section H

• Section G

What are the two main sources of contract law?

• Corporate policies and ethical guidelines

• International treaties and local customs

• Uniform Commercial Code and common law

• Federal regulations and state laws