LEB 320F Exam 1 Questions and Answers Already Passed
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Module
LEB 320F Exm 1
Institution
LEB 320F Exm 1
LEB 320F Exam 1 Questions and
Answers Already Passed
What is the primary purpose of contract law?
To provide a framework for enforcing agreements between parties and resolving disputes
that arise from breaches.
What does "consideration" mean in the context of contract formation?
It re...
leb 320f exam 1 questions and answers already pass
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LEB 320F Exam 1 Questions and
Answers Already Passed
What is the primary purpose of contract law?
✔✔ To provide a framework for enforcing agreements between parties and resolving disputes
that arise from breaches.
What does "consideration" mean in the context of contract formation?
✔✔ It refers to something of value exchanged between parties that is required for a contract to
be legally binding.
How does "capacity" affect the enforceability of a contract?
✔✔ Capacity ensures that all parties involved are legally able to enter into a contract, meaning
they are of legal age and mentally competent.
What is the difference between "void" and "voidable" contracts?
✔✔ A void contract is not legally enforceable from the outset, while a voidable contract is valid
but may be rejected by one party under certain conditions.
1
,What is meant by "breach of contract"?
✔✔ A breach of contract occurs when one party fails to fulfill their obligations as specified in
the contract.
How is "specific performance" used as a remedy in contract law?
✔✔ Specific performance is a legal remedy where the court orders a party to fulfill their
contractual obligations as agreed.
What is the "Statute of Frauds" and why is it important?
✔✔ The Statute of Frauds requires certain types of contracts to be in writing to be enforceable,
such as contracts for real estate or long-term agreements.
What does "mutual assent" refer to in contract formation?
✔✔ Mutual assent is the agreement between parties on the terms of a contract, typically
demonstrated through an offer and acceptance.
What is the role of "performance" in determining whether a contract has been fulfilled?
✔✔ Performance involves the actual completion of the contractual obligations by the parties,
confirming that the terms have been met.
2
, How does "material breach" differ from a "minor breach"?
✔✔ A material breach significantly impacts the contract's purpose and allows the non-breaching
party to terminate the contract, while a minor breach affects only part of the contract and may not
justify termination.
What is "contractual capacity" and how does it relate to enforceability?
✔✔ Contractual capacity ensures that all parties involved are legally competent to enter into a
contract, impacting the contract’s enforceability.
What is "unilateral contract" and how does it differ from a bilateral contract?
✔✔ A unilateral contract is one where only one party makes a promise in exchange for an act,
while a bilateral contract involves mutual promises between two parties.
How does "contributory negligence" affect liability in a contract dispute?
✔✔ Contributory negligence may reduce or eliminate a party's ability to claim damages if they
are found to be partially at fault for the breach.
What is "consideration" in a contract, and why is it necessary?
3
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