Exam (elaborations)
LENB professor el jourbagy test 3- Questions & Answers
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LENB professor el jourbagy test 3- Questions & Answers
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LENB professor el jourbagy test 3-Questions & Answers
assignment Correct Ans-a contracting parties transfer of his/her rights to a contract to a 3rd
party
creditor Correct Ans-person or institution to whom money is owed
delegation Correct Ans-trashier of duty to perform under a contract to a 3rd party
delegator Correct Ans-party delegating his duty to a third party
delegatee Correct Ans-third party who is not part of the original contract but to whom a duty
has been transferred
Donee Beneficiary Correct Ans-a third party beneficiary to whom no legal duty is owed and
for whom performance is a gift
assignee Correct Ans-party (not a privity of contract) who receives transfer
assignor Correct Ans-in a contract, the party who transfers their rights to a 3rd party
conditional contract Correct Ans-a contract that becomes enforceable only on the happening
or termination of a specified condition
condition precedent Correct Ans-an event that must occur for a party's duty to arise
, condition subsequent Correct Ans-a future event that terminates the obligations of the
parties when it occurs
express condition Correct Ans-a written or verbal condition to a contract
implied conditions Correct Ans-those that are not explicitly stated but are inferred from the
nature and language of the contract
compensatory damages Correct Ans-A monetary award equivalent to the actual value of
injuries or damage sustained by the aggrieved party.
injunction Correct Ans-An order which legally prevents something
only signature needed on a contract: Correct Ans-defendant's (the person you are seeking to
enforce the contract against) anywhere on the document
what 4 elements of a contract and describe Correct Ans-1. agreement 2.consideration 3.legal
object 4.capacity
define bilateral and unilateral contracts and example of each Correct Ans-bilateral = promise
in exchange for a promise (signing lease, building)
unilateral = promise in exchange for an act (getting paid for finding lost dog)
elements of an offer: Correct Ans-1. intent
2. definite and certain terms
3. communication
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