Contingencies and Contracts Quiz
3 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following is a legal term used to describe a situation where a party is only required to perform their obligations if a certain event occurs?

  • Conditional
  • Contractual
  • Compensatory
  • Contingent (correct)

    • What is the difference between contingent and conditional contracts?

  • Conditional contracts are always fulfilled, while contingent contracts may or may not be fulfilled (correct)
  • Contingent contracts are always fulfilled, while conditional contracts may or may not be fulfilled
  • Contingent contracts are only used in real estate transactions
  • There is no difference

    • Which of the following is a common example of a contingent contract?

  • A tenant must pay rent on the first of every month
  • A contractor is only paid if they complete the project on time (correct)
  • A seller must deliver goods to a buyer after payment is received
  • An employee is paid a fixed salary every month

    • More Like This

    Unit 3 Legal Terms Quiz
    3 questions

    Legal Terms Quiz: Test Your Knowledge of Unit 3

    EasyToUseStatueOfLiberty avatar
    EasyToUseStatueOfLiberty
    Legal Terms in Caregiving
    66 questions

    Legal Terms in Caregiving

    ImprovingSocialRealism4496 avatar
    ImprovingSocialRealism4496
    Legal Terms and Historical Context
    11 questions

    Legal Terms and Historical Context

    PrettyAnaphora avatar
    PrettyAnaphora
    Legal Terms Flashcards
    6 questions

    Legal Terms Flashcards

    WellConnectedComputerArt avatar
    WellConnectedComputerArt
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser