Contract Law Quiz
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Questions and Answers

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?

  • No remedies available
  • Verbal apology
  • Monetary compensation only
  • Damages or rescission (correct)
  • 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?

    <p>Contract law</p> Signup and view all the answers

    In general, how does contract law vary between jurisdictions?

    <p>It varies between common law, civil law, or mixed-law jurisdictions</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 may the injured party seek in the event of a breach of contract?

    <p>Damages 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

    On what principle is contract law based?

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

    Under what jurisdictions is contract law exercised and governed?

    <p>Common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elements of both common and civil law.</p> Signup and view all the answers

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