Contract Law Concepts Quiz

<p>determine a misrepresentation (A), cause an injury to the other party (B)</p> Signup and view all the answers

<p>to avoid unjust enrichment (A)</p> Signup and view all the answers

<p>legally non-binding rules (A)</p> Signup and view all the answers

<p>to avoid conflicts of interest (A)</p> Signup and view all the answers

<p>occurs when one of the parties takes advantage of another by reason of the superior position (B)</p> Signup and view all the answers

<p>a requirement of valid contract (B)</p> Signup and view all the answers

<p>not binding on both parties (A)</p> Signup and view all the answers

<p>the contract is binding on only one party and the other has the option to enforce it or withdraw from it (A)</p> Signup and view all the answers

<p>the parties are bound by the agreement (A)</p> Signup and view all the answers

<p>express/implied, bilateral/unilateral, executed/executory, valid/ void/voidable (C)</p> Signup and view all the answers

<p>indicate a clear intent, be definite, be communicated (B)</p> Signup and view all the answers

<p>a voluntary and intentional relinquishment or renunciation of a contract right (A)</p> Signup and view all the answers

<p>by international conventions (B)</p> Signup and view all the answers

<p>termination or completion of contract (A)</p> Signup and view all the answers

<p>pay expenses and inform of existing risks (A)</p> Signup and view all the answers

<p>cannot be deemed as acceptance (B)</p> Signup and view all the answers

<p>by express agreement, by implied agreement, by estoppel (C)</p> Signup and view all the answers

<p>is an agent for the other partner(s) (C)</p> Signup and view all the answers

<p>an LP certificate (A)</p> Signup and view all the answers

<p>joint ownership of a business, sharing of profits and losses and equal management rights (C)</p> Signup and view all the answers

<p>partnership's name, location, name and address of its agents and general partners, term of duration (B)</p> Signup and view all the answers

<p>both an agent or an independent contractor (C)</p> Signup and view all the answers

<p>fraudulent purpose and running of corporate business as though corporation didn't exist (B)</p> Signup and view all the answers

<p>is formed to meet a governmental or public purpose (B)</p> Signup and view all the answers

<p>Charter and Bylaws (A)</p> Signup and view all the answers

<p>the simplest form of business organization (B)</p> Signup and view all the answers

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A business agreement or contract where one party (the franchisor) grants another party (the franchisee) the right to use their brand, trademarks, and business model to operate a business.

An agreement between two or more parties to carry out a specific project or venture.

A legal agreement where a company grants a person, team, or another company the right to use their trademark, copyright, or patent for a specified period of time in exchange for a fee.

A document that provides evidence of the terms of a contract and the agreement reached by the parties involved. It can be oral, written, or a combination of both.

The act of providing something of value in exchange for a promise or action. It's an essential element of a valid contract.

A legal principle that states that a contract can be deemed valid and enforceable even if it's not formally written; it's presumed to exist on the basis of the parties' actions and circumstances.

A contract that is created by a court to prevent unjust enrichment from occurring when someone benefits from the actions or property of another without legally owing them anything.

A contract that is enforceable by law and meets all the legal requirements for a legally valid agreement.

A contract that is considered flawed or defective and is not legally binding.

A contract that is valid but can be voided by one or more parties due to some legal defect or flaw, such as fraud or duress.

The process where parties involved in a negotiation come to a mutual understanding and agree upon the terms of a contract. This happens when their minds meet.

A formal request for an offer or proposal, often used as a preliminary step in the negotiating process.

A legally binding proposal to enter into a contract, specifying the terms and conditions of the agreement.

Acceptance of the offer, which is usually a clear and unconditional response to the offer's terms, signifying agreement to the contract. Silence or inaction is generally not considered acceptance except in specific cases.

A deliberate misrepresentation of a material fact made knowing it is false, with the intent to deceive the other party, who then relies upon the misrepresentation to their detriment.

A serious legal error that can lead to a contract being voided or considered unenforceable, often due to a misunderstanding or misinterpretation of a key fact.

When one party utilizes their superior position or influence to persuade the other party to enter into a contract, potentially taking advantage of their vulnerable state. It creates a contract that can be voided.

When a party is forced to enter into a contract under duress or threat of harm, which undermines their ability to give free and voluntary consent. The resulting contract may be voidable.

The legal capacity of an individual to enter into a contract and be bound by its terms. Certain individuals, such as minors or those with mental incapacities, may lack the full capacity to contract.

The act of releasing another party from their contractual obligations, often in exchange for something else or for no specific reason.

A legally binding promise made by one party to perform an action or refrain from doing something if another party performs a specific action. It's a promise to do something. An example is an insurance contract.

The legal principle that states that an agreement is not valid and enforceable if it violates the law or public policy.

When a party to a contract fails to perform their agreed-upon obligations, which can result in legal consequences, such as damages or breach of contract.

The termination or ending of a contract, which can occur through various methods, including performance, agreement, breach, or operation of law.

A legal remedy provided in a court to compensate a party who has suffered financial losses as a result of another party's breach of contract.

A type of business organization where a single individual owns and operates the business, assuming all responsibilities and liabilities for the business's actions and debts.

A business organization where two or more individuals agree to share in the risks and responsibilities of operating a business.

A legal entity that is separate and distinct from its owners, with its own rights, liabilities, and obligations.