Questions and Answers
Which of the following best describes a contract?
A contract must always be in written form to be valid.
False
What is the primary purpose of a contract?
To create enforceable obligations between parties.
In contract law, __________ is the consideration given by each party to the contract.
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Match the following terms with their definitions:
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Study Notes
Understanding Contracts
- A contract is a legally binding agreement between parties.
- Contracts do not always need to be written; oral contracts can be valid depending on the circumstances and jurisdiction.
Purpose of a Contract
- The primary purpose of a contract is to create enforceable obligations between parties, ensuring that agreements are honored.
Consideration in Contract Law
- Consideration refers to the value or benefit that each party agrees to exchange in a contract, which is essential for the contract's validity.
Matching Terms and Definitions
- Familiarity with common legal terms and their definitions aids in understanding contract law and obligations.
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Description
Test your knowledge on the general provisions of obligation and contracts, specifically Articles 1156 to 1162. This quiz covers definitions, purposes, and key concepts relevant to contract law. Engage with questions that will challenge your understanding of the essential components of contracts.
