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Questions and Answers
What is a contract?
What is a contract?
- An informal understanding between individuals
- An agreement specifying legally enforceable rights and obligations between two or more parties (correct)
- A verbal agreement without legal implications
- A one-sided commitment without mutual agreement
In the event of a breach of contract, the injured party may seek which of the following?
In the event of a breach of contract, the injured party may seek which of the following?
- Extrajudicial retaliation
- Judicial remedies such as damages or rescission (correct)
- Verbal warning to the breaching party
- Public humiliation of 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?
- Treaty (correct)
- Worldwide understanding
- International deal
- Global contract
In general, contract law is exercised and governed under which types of jurisdictions?
In general, contract law is exercised and governed under which types of jurisdictions?
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Which principle is contract law based on?
Which principle is contract law based on?
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