30 Questions
What principle of contract law emphasizes the idea that each individual should be allowed to make their own choices?
Freedom of contract
Why is it challenging to prioritize one principle over another in contract law?
Because principles can contradict each other
Which principle of contract law allows a person to conclude a contract on whatever terms they see fit?
Freedom of contract
Why does the law presume that a party will not choose unfavorable contract terms?
Because parties are best able to decide in their interest
Which of the following is NOT considered one of the principles governing contract law as mentioned in the text?
Equitable distribution
What aspect makes it impossible for freedom of contract principle to be applied universally?
Broadness of principles
How does common law differ from civil law in terms of judges' decision-making?
Common law judges openly discuss the reasoning behind their decisions.
What distinguishes Islamic contract law from secular contract laws regarding the types of agreements allowed?
Islamic law prohibits contracts related to pork, gambling, and prostitution.
Which aspect characterizes Islamic finance as an alternative to claiming interest on loans?
Islamic finance offers a joint venture like musharaka.
In what way does common law differ from Islamic contract law in terms of discussing policy considerations?
Common law judges do not discuss policy considerations openly.
What is a key factor that distinguishes Islamic contract law from secular contract laws?
The requirement for contracts to be halal under Islamic law.
How do common law judges approach the notion of a single correct outcome compared to Islamic contract law?
Common law judges reflect skepticism towards a single correct outcome, unlike Islamic contract law.
What rule does English law speak of regarding the acceptance of an offer?
Mirror image rule
In what form does the acceptance of an offer usually take place?
In writing or orally
What happens if an offeree sends an e-mail containing acceptance instead of following the specified method?
The acceptance is valid
What is the consequence if the acceptance does not mirror the offer according to the 'mirror image' rule?
A new contract is formed
What are the requirements for an acceptance to conclude a contract?
Must unconditionally agree with offer terms
If an offer specifies a method of acceptance, what should the offeree do?
Comply with the specified method of acceptance
What happens if the offer contains a time period within which it is to be accepted?
The offer automatically lapses if not accepted within the specified time period.
When does an offer become revocable?
Before acceptance.
What is the consequence of an abusive revocation of an offer?
The offeror must compensate the damage suffered by the offeree.
Under what circumstances does an offer lapse?
If the offeree fails to accept within a specified time period.
What happens when an offer is rejected?
The offeree must make a fresh offer.
Why does the law provide rules on when an offer ceases to exist?
To ensure that commercial intercourse is not disrupted.
What is the primary rationale underlying the supplementary duties that arise under a contract due to good faith?
The parties are in the same boat when they conclude a contract, calling for reasonable behavior from them both.
Which of the following is NOT mentioned as a type of supplementary duty that can arise from good faith under a contract?
Duty of competition
What is the primary function of the principle of good faith in the interpretation of contractual terms?
To require the parties to give a meaning to the contractual terms that fits their common goal.
What is described as the 'most spectacular application' of the good faith principle in contracts?
Allowing a party to escape from a binding contract.
Under what circumstances will a court intervene to restrict a party's contractual rights on the basis of good faith?
The court will only intervene in 'extreme cases' where it would be 'unacceptable' for a party to invoke its rights.
What is described as an 'obligation' that arises from good faith in contracts according to the text?
The obligation to protect the other party and help them carry out the contract.
Explore the main principles that govern contract law, including freedom of contract, binding force, and the absence of formalities. Understand how these principles interact and shape the legal framework of contracts.
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