Express Terms in Contracts Quiz

An express term is a term that is clearly stated in the contract.

A trade usage is an example of an implied term.

A void contract is a contract that lacks one or more requirements for validity.

<ol> <li>Serious intention to conclude a contract</li> <li>Consensus or agreement</li> <li>Contractual capacity</li> <li>Lawfulness</li> <li>Possibility of certain or ascertainable performance</li> <li>Formalities</li> </ol> Signup and view all the answers

<p>A guarantee is a contractual undertaking where a party takes responsibility for the truth of that undertaking.</p> Signup and view all the answers

<p>When an agreement is reduced in writing and included in a contract, it is considered an express term.</p> Signup and view all the answers

<p>Terms automatically included in a contract by operation of law, unless expressly included by the parties.</p> Signup and view all the answers

<p>Warranty against latent defects</p> Signup and view all the answers

<p>Terms that parties expressly or tacitly include in the contract.</p> Signup and view all the answers

<p>A term that exists without express mention but can be inferred from the parties' conduct or behavior.</p> Signup and view all the answers

<p>A material term without which the contract cannot exist.</p> Signup and view all the answers

<p>Color of the house (Navy Blue)</p> Signup and view all the answers

<p>A condition that postpones the operation of a contract partially or in full until the occurrence of an uncertain future event.</p> Signup and view all the answers

<p>A condition where the consequences of the contract come into operation immediately, but the contract may be cancelled depending on the occurrence or non-occurrence of an uncertain future event.</p> Signup and view all the answers

<p>A time clause refers to a certain future event.</p> Signup and view all the answers

<p>It is when an obligation will only have an effect up to a certain date.</p> Signup and view all the answers

<p>Parties who incur liability together.</p> Signup and view all the answers

<p>It postpones compliance with an obligation until a certain or ascertainable point in time.</p> Signup and view all the answers