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?

<p>Common law jurisdictions (C)</p> Signup and view all the answers

What principle is contract law based on?

<p>Agreements must be honored (B)</p> Signup and view all the answers

What does a contract typically involve?

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

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

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

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

<p>A treaty.</p> Signup and view all the answers

What principle is contract law based on?

<p>The principle that agreements must be honored.</p> Signup and view all the answers

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

<p>Common law jurisdictions.</p> Signup and view all the answers

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