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Questions and Answers
What is the primary element of a contract?
What is the primary element of a contract?
- A legal obligation to do something
- A valuable consideration for a particular thing
- A mutual agreement between two or more parties (correct)
- A promise to perform a task
What is the purpose of a valuable consideration in a contract?
What is the purpose of a valuable consideration in a contract?
- To specify the particular thing to be done or not done
- To ensure that both parties are competent
- To provide a legal basis for the contract
- To make the contract enforceable by law (correct)
How many parties are required to form a contract?
How many parties are required to form a contract?
- Four or more parties with a valuable consideration
- One party with a clear intention
- Three parties with a mutual agreement
- Two or more competent parties (correct)
What is the outcome of a contract?
What is the outcome of a contract?
What is the role of competent parties in a contract?
What is the role of competent parties in a contract?
What is a characteristic of a valuable consideration in a contract?
What is a characteristic of a valuable consideration in a contract?
What is the purpose of a contract?
What is the purpose of a contract?
What is a requirement for a valid contract?
What is a requirement for a valid contract?
What is the result of a mutual agreement in a contract?
What is the result of a mutual agreement in a contract?
What is the role of a particular thing in a contract?
What is the role of a particular thing in a contract?
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Study Notes
Legal Terms and Concepts
- An affidavit is a voluntary statement of fact reduced to writing and sworn before an authorized officer.
- Damage refers to harm or injury, and suing for damages means seeking compensation for that harm.
- Observations refer to remarks or comments, while observance of the rule of law means adhering to the principles of law.
- Incident to means something that is a part of something else, while incidental to means something that is not essential.
- Absolved of means being declared free from guilt, while absolved from means being released from a duty or responsibility.
- To establish a right means to prove or create a legal entitlement, while to impose an obligation means to require someone to fulfill a duty.
- Gross negligence refers to a reckless or intentional failure to perform a duty.
- Voluntary refers to an action done by choice, while mandatory refers to an action required by law.
- Perjury refers to the act of lying under oath, while perfidy refers to a breach of trust or faith.
- Power to influence means having the ability to affect a decision or outcome.
- Expert refers to someone with specialized knowledge or skill.
- Explicitly means clearly or openly stated, while implicitly means suggested or implied.
- Depose and state means to swear an oath and make a statement.
Law and Court Proceedings
- The bar refers to the place where lawyers stand in court or the profession of law.
- The bench refers to the judges' seat or the court itself.
- A hearing refers to a formal meeting in court to discuss a case.
- Administrator refers to a person who manages the affairs of another person or estate.
- Interdiction degree refers to a court order that restricts a person's rights or freedoms.
- Infamous crime refers to a serious or notorious offense.
- Plaintiff refers to the person who brings a lawsuit, while defendant refers to the person being sued.
- Court of instance refers to a trial court, while court of appeals refers to a higher court that reviews trial court decisions.
- Court of cessation refers to a highest court of appeal.
- Notarize means to have a document certified by a notary public.
Contracts and Power of Attorney
- Power of Attorney (POA) is a legal document that grants one person the authority to act on behalf of another person in legal and financial matters.
- The scope and duration of a POA can vary based on the terms set out in the document.
- Execution of a POA typically requires the presence of two witnesses.
- A contract is a mutual agreement between two or more competent parties for a valuable consideration to do or not do a particular thing.
- Bonds of matrimony refer to the legal and emotional ties between spouses.
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