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Contract Law Fundamentals

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Questions and Answers

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?

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?

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?

For the sale or mortgage of real estate Signup and view all the answers

Who lacks the legal capacity to form a contract?

Minors under 18 years Signup and view all the answers

What is the purpose of written contracts for certain financial agreements?

To prevent oral disputes Signup and view all the answers

What type of contracts can be enforced for minors?

Contracts for necessities at a fair price Signup and view all the answers

What is the term used when a party decides to reject a contract before it is fully performed?

Anticipatory breach Signup and view all the answers

In what situations can contracts with intoxicated persons be voided?

If the other party took advantage of the intoxicated person and the intoxicated person promptly rejects the contract when sober Signup and view all the answers

Under what circumstances may contracts that are illegal due to statute be enforced?

If the illegality was corrected when the contract was performed Signup and view all the answers

What type of clauses restrict a person who sells a business from opening a competing business?

Non-Competition Clause Signup and view all the answers

What does a Non-Solicit Clause prevent an employee from doing?

Soliciting former employer's clients Signup and view all the answers