18 Questions
What is an express term in a contract?
An express term is a term that is clearly stated in the contract.
Give an example of an implied term in a contract.
A trade usage is an example of an implied term.
What is a void contract?
A void contract is a contract that lacks one or more requirements for validity.
What are the requirements for a valid contract?
- Serious intention to conclude a contract
- Consensus or agreement
- Contractual capacity
- Lawfulness
- Possibility of certain or ascertainable performance
- Formalities
What is a guarantee in a contract?
A guarantee is a contractual undertaking where a party takes responsibility for the truth of that undertaking.
When is an agreement reduced in writing and included in a contract considered an express term?
When an agreement is reduced in writing and included in a contract, it is considered an express term.
What is naturalia in a contract and when is it included?
Terms automatically included in a contract by operation of law, unless expressly included by the parties.
Provide an example of naturalia in a contract.
Warranty against latent defects
What are incidentalia in a contract and how are they included?
Terms that parties expressly or tacitly include in the contract.
Explain what a tacit term is in a contract.
A term that exists without express mention but can be inferred from the parties' conduct or behavior.
What is an essential term in a contract and why is it important?
A material term without which the contract cannot exist.
Identify a non-essential term in a contract and explain its significance.
Color of the house (Navy Blue)
What is a suspensive condition in a contract?
A condition that postpones the operation of a contract partially or in full until the occurrence of an uncertain future event.
Define a resolutive condition in a contract.
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.
What is a time clause in a contract?
A time clause refers to a certain future event.
Explain a resolutive time clause in a contract.
It is when an obligation will only have an effect up to a certain date.
What are co-debtors in a contract?
Parties who incur liability together.
Describe a suspensive time clause in a contract.
It postpones compliance with an obligation until a certain or ascertainable point in time.
Test your knowledge on express terms in contracts by answering questions about terms arising from conversations, reduced to writing, or implied by law or circumstances. Determine if specific agreements constitute express terms in a contract.
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