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Questions and Answers
Which of the following is a key rule related to enforcing a contingent contract?
Which of the following is a key rule related to enforcing a contingent contract?
- The contract must be in writing (correct)
- The contract must be verbal
- The contract can be enforced without the consent of both parties
- The contract can be implied through actions
What is a contingent contract?
What is a contingent contract?
- A contract that can only be enforced by one party
- A contract that is dependent on the occurrence of a specific event (correct)
- A contract that is guaranteed to be fulfilled
- A contract that is illegal
What is the consequence of not fulfilling a contingent contract?
What is the consequence of not fulfilling a contingent contract?
- The contract can still be enforced (correct)
- The contract becomes void
- The parties must renegotiate the terms of the contract
- The party who did not fulfill the contract is not liable
Study Notes
Contingent Contracts
- A contingent contract is a type of contract that is dependent on the occurrence of a future uncertain event.
- It is a contract that specifies a condition or event that must occur before the contract can be enforced or take effect.
Key Rules and Consequences
- One key rule related to enforcing a contingent contract is that the contract is only enforceable if the specified condition or event occurs.
- If the contingent condition or event does not occur, the contract is not enforceable.
- The consequence of not fulfilling a contingent contract is that the contract is considered void or unenforceable, and the parties are not bound by its terms.
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Description
Test your knowledge on enforcing contingent contracts with this quiz! Discover what a contingent contract is and the crucial rule that applies to its enforcement. Learn about the consequences of failing to fulfill a contingent contract. This quiz is perfect for anyone interested in contract law or those seeking to enhance their legal knowledge.
