Podcast
Questions and Answers
What is the principle that only parties to a contract are bound by it?
What is the principle that only parties to a contract are bound by it?
- Legal capacity in contract
- Freedom of contract
- Consideration in contract
- Privity of contract (correct)
Under what circumstances should important terms of a contract be put in writing?
Under what circumstances should important terms of a contract be put in writing?
- When parties accept common law contract rules
- When there is freedom to contract
- When rejecting common law contract rules in their own contracts
- When providing terms of the contract is difficult in an oral agreement (correct)
Which one of the following is a factor for a valid contract?
Which one of the following is a factor for a valid contract?
- Consensus in the contract (correct)
- Mutual exchange of promises
- Capacity to contact minors
- Performance of the contract
In which situations are certain contracts required to be in writing to be valid?
In which situations are certain contracts required to be in writing to be valid?
Who lacks the legal capacity to form a contract?
Who lacks the legal capacity to form a contract?
What is the purpose of written contracts for certain financial agreements?
What is the purpose of written contracts for certain financial agreements?
What type of contracts can be enforced for minors?
What type of contracts can be enforced for minors?
What is the term used when a party decides to reject a contract before it is fully performed?
What is the term used when a party decides to reject a contract before it is fully performed?
In what situations can contracts with intoxicated persons be voided?
In what situations can contracts with intoxicated persons be voided?
Under what circumstances may contracts that are illegal due to statute be enforced?
Under what circumstances may contracts that are illegal due to statute be enforced?
What type of clauses restrict a person who sells a business from opening a competing business?
What type of clauses restrict a person who sells a business from opening a competing business?
What does a Non-Solicit Clause prevent an employee from doing?
What does a Non-Solicit Clause prevent an employee from doing?
