12 Questions
What is the principle that only parties to a contract are bound by it?
Privity of contract
Under what circumstances should important terms of a contract be put in writing?
When providing terms of the contract is difficult in an oral agreement
Which one of the following is a factor for a valid contract?
Consensus in the contract
In which situations are certain contracts required to be in writing to be valid?
For the sale or mortgage of real estate
Who lacks the legal capacity to form a contract?
Minors under 18 years
What is the purpose of written contracts for certain financial agreements?
To prevent oral disputes
What type of contracts can be enforced for minors?
Contracts for necessities at a fair price
What is the term used when a party decides to reject a contract before it is fully performed?
Anticipatory breach
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
Under what circumstances may contracts that are illegal due to statute be enforced?
If the illegality was corrected when the contract was performed
What type of clauses restrict a person who sells a business from opening a competing business?
Non-Competition Clause
What does a Non-Solicit Clause prevent an employee from doing?
Soliciting former employer's clients
Learn the basics of contract law including what makes an agreement enforceable, the concept of privity of contract, and factors required for a valid contract. Explore how parties have freedom to set their own terms within the boundaries of common law rules.
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