Podcast
Play an AI-generated podcast conversation about this lesson
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?
Signup and view all the answers
Which principle is contract law based on?
Which principle is contract law based on?
Signup and view all the answers
