LEB 320F FINAL EXAM QUESTIONS AND ANSWERS GRADED A+
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Course
LEB 320F FIN
Institution
LEB 320F FIN
LEB 320F FINAL EXAM QUESTIONS
AND ANSWERS GRADED A+
What is the difference between "executed" and "executory" contracts?
An executed contract is one where all parties have fulfilled their obligations, while an
executory contract has ongoing obligations that have not yet been completed.
Ho...
LEB 320F FINAL EXAM QUESTIONS
AND ANSWERS GRADED A+
What is the difference between "executed" and "executory" contracts?
✔✔ An executed contract is one where all parties have fulfilled their obligations, while an
executory contract has ongoing obligations that have not yet been completed.
How does "statute of frauds" affect contract enforcement?
✔✔ The statute of frauds requires certain types of contracts to be in writing to be enforceable,
such as contracts for real estate transactions or agreements lasting more than a year.
What is "unilateral mistake" in contract law?
✔✔ A unilateral mistake occurs when only one party is mistaken about a material fact in the
contract, which may or may not affect the contract’s validity.
Define "anticipatory breach" of a contract.
✔✔ An anticipatory breach happens when one party indicates they will not fulfill their
contractual obligations before the performance is due.
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,What is "specific performance" in contract remedies?
✔✔ Specific performance is a remedy where the court orders a party to fulfill their contractual
obligations rather than just paying damages.
Explain "liquidated damages."
✔✔ Liquidated damages are pre-determined amounts specified in the contract that a party must
pay if they breach the contract.
What is the "parol evidence rule"?
✔✔ The parol evidence rule prohibits the introduction of outside oral or written statements that
contradict or modify the written terms of a finalized contract.
How does "frustration of purpose" apply to contract law?
✔✔ Frustration of purpose occurs when an unforeseen event undermines the primary reason for
entering into a contract, which may relieve parties from their obligations.
What is "contract rescission"?
✔✔ Contract rescission is the cancellation of a contract, returning both parties to their pre-
contractual positions due to reasons like fraud or mutual agreement.
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,Define "performance bonds" in contract management.
✔✔ Performance bonds are guarantees provided by a third party, ensuring that a contractor will
fulfill their obligations under a contract.
What is "adhesion contract"?
✔✔ An adhesion contract is a standard form contract drafted by one party with much stronger
bargaining power, typically presented to the other party on a "take-it-or-leave-it" basis.
Explain the concept of "equitable estoppel."
✔✔ Equitable estoppel prevents a party from asserting something contrary to what another party
has relied upon, particularly when that reliance has caused harm.
What does "contract modification" entail?
✔✔ Contract modification involves changing the terms of an existing contract with the
agreement of all parties involved, which must generally be supported by new consideration.
What is meant by "unconscionable contract"?
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, ✔✔ An unconscionable contract is one that is deemed unfairly one-sided or oppressive to one
party, and may be unenforceable in court due to its inequitable nature.
Describe "implied contract terms."
✔✔ Implied contract terms are conditions that are not expressly stated but are assumed to be part
of the contract based on the parties' actions or the nature of the agreement.
What is "novation" in contract law?
✔✔ Novation is the replacement of an old contract with a new one, where the original contract is
terminated and a new agreement is made, often involving a new party.
How does "contractual mistake" differ from "fraud"?
✔✔ A contractual mistake involves an error made by one or both parties regarding a
fundamental aspect of the contract, while fraud involves deliberate deception to induce the
contract.
What is the role of "waiver" in contract law?
✔✔ A waiver is the voluntary relinquishment or abandonment of a known right or claim, which
can affect the enforcement of certain contract terms.
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