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Questions and Answers
What is a contract?
What is a contract?
- A verbal agreement between individuals
- An agreement specifying legally enforceable rights and obligations between two or more parties (correct)
- A non-binding agreement between parties
- An informal understanding between friends
In the event of a breach of contract, what remedies may the injured party seek?
In the event of a breach of contract, what remedies may the injured party seek?
- No remedies available
- Verbal apology
- Monetary compensation only
- Damages or rescission (correct)
What is a binding agreement between actors in international law known as?
What is a binding agreement between actors in international law known as?
- Treaty (correct)
- Worldwide agreement
- Global pact
- International contract
In which field of law are contracts and their obligations governed?
In which field of law are contracts and their obligations governed?
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In general, how does contract law vary between jurisdictions?
In general, how does contract law vary between jurisdictions?
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What does a contract typically involve?
What does a contract typically involve?
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What judicial remedies may the injured party seek in the event of a breach of contract?
What judicial remedies may 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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On what principle is contract law based?
On what principle is contract law based?
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Under what jurisdictions is contract law exercised and governed?
Under what jurisdictions is contract law exercised and governed?
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