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Questions and Answers
What is a contract?
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?
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?
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?
In which jurisdictions are contracts typically required to include consideration to be valid?
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What principle is contract law based on?
What principle is contract law based on?
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What does a contract typically involve?
What does a contract typically involve?
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What judicial remedies can the injured party seek in the event of a breach of contract?
What judicial remedies can the injured party seek in the event of a breach of contract?
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What is a binding agreement between actors in international law known as?
What is a binding agreement between actors in international law known as?
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What principle is contract law based on?
What principle is contract law based on?
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In which jurisdictions are contracts typically required to include consideration to be valid?
In which jurisdictions are contracts typically required to include consideration to be valid?
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