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Contract Law Quiz

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Questions and Answers

What is a contract?

A non-binding agreement between parties

An agreement specifying legally enforceable rights and obligations between parties (correct)

A verbal agreement between friends

An informal understanding between colleagues

In case of a breach of contract, what remedies can the injured party seek?

Monetary compensation only

No remedies available

Damages or equitable remedies such as specific performance or rescission (correct)

Verbal apology from the breaching party

What is a binding agreement between actors in international law known as?

International contract

Treaty (correct)

Global pact

Worldwide agreement

In which jurisdictions are contracts typically required to include consideration to be valid?

Common law jurisdictions Signup and view all the answers

What principle is contract law based on?

Agreements must be honored Signup and view all the answers

What does a contract typically involve?

The transfer of goods, services, money, or a promise to transfer any of those at a future date. Signup and view all the answers

What judicial remedies can the injured party seek in the event of a breach of contract?

Damages or equitable remedies such as specific performance or rescission. Signup and view all the answers

What is a binding agreement between actors in international law known as?

A treaty. Signup and view all the answers

What principle is contract law based on?

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

In which jurisdictions are contracts typically required to include consideration to be valid?

Common law jurisdictions. Signup and view all the answers

Contract Law Quiz

Choose a study mode

Podcast

Questions and Answers

What is a contract?

In case of a breach of contract, what remedies can the injured party seek?

What is a binding agreement between actors in international law known as?

In which jurisdictions are contracts typically required to include consideration to be valid?

What principle is contract law based on?

What does a contract typically involve?

What judicial remedies can the injured party seek in the event of a breach of contract?

What is a binding agreement between actors in international law known as?

What principle is contract law based on?

In which jurisdictions are contracts typically required to include consideration to be valid?

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