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Contract Law Basics

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Questions and Answers

What is the main purpose of a contract?

To create unnecessary legal obligations

To establish dominance over the other party

To limit business opportunities

To provide a clear and safe business relationship (correct)

What is 'Pacta sunt servanda' in relation to a contract?

An agreement can be disregarded at any time

An agreement is valid only if it benefits one party

An agreement must be kept (correct)

An agreement is only valid if both parties are present

What does 'Meeting of Minds' refer to in the context of a contract?

A negotiation tactic to confuse the other party

Mutual agreement on essential terms (correct)

Physical meeting between the parties involved

One party's dominance over the other

In English / US Law, what standard is used to determine agreement between parties in a contract?

Standard of reasonable person in similar circumstances Signup and view all the answers

According to Storer vs. Manchester, what aspect is considered in contracts?

What the party said and did, not the actual intent in their mind Signup and view all the answers

In the context of a contract, 'Pacta sunt servanda' refers to:

The principle that agreements must be kept Signup and view all the answers

What is the primary purpose of a contract?

To provide a clear and safe business relationship Signup and view all the answers

Which factor is essential for a meeting of minds in a contract?

Offer + Acceptance with agreement on essential terms Signup and view all the answers

What does 'intention to create a legal obligation' signify in a contract?

The willingness of parties to be bound by the terms of the contract Signup and view all the answers

In English / US Law, what standard is used to determine agreement between parties in a contract?

Standard of reasonable person in similar circumstances Signup and view all the answers

Contract Law Basics

Choose a study mode

Podcast

Questions and Answers

What is the main purpose of a contract?

What is 'Pacta sunt servanda' in relation to a contract?

What does 'Meeting of Minds' refer to in the context of a contract?

In English / US Law, what standard is used to determine agreement between parties in a contract?

According to Storer vs. Manchester, what aspect is considered in contracts?

In the context of a contract, 'Pacta sunt servanda' refers to:

What is the primary purpose of a contract?

Which factor is essential for a meeting of minds in a contract?

What does 'intention to create a legal obligation' signify in a contract?

In English / US Law, what standard is used to determine agreement between parties in a contract?

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