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LEGL 2700 Test 2 Hackleman Questions and Answers | Latest Update | 2024/2025 | 100% Verified
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LEGL 2700 Test 2 Hackleman Questions and Answers | Latest Update | 2024/2025 | 100% Verified What is implied contract? An implied contract is an agreement inferred from the actions or conduct of the parties rather than from explicit words. What is novation in contract law? Novation...

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LEGL 2700 Test 2 Hackleman Questions
and Answers | Latest Update | 2024/2025
| 100% Verified

What is implied contract?


✔✔ An implied contract is an agreement inferred from the actions or conduct of the parties

rather than from explicit words.




What is novation in contract law?


✔✔ Novation is the replacement of an old contract with a new one, which may include the

substitution of one party for another.




What is statute of frauds?


✔✔ The statute of frauds requires certain types of contracts to be in writing to be enforceable,

such as contracts for the sale of real estate.




What is anticipatory breach?


✔✔ Anticipatory breach occurs when one party indicates in advance that they will not fulfill

their contractual obligations.



1

,What does promissory estoppel protect against?


✔✔ Promissory estoppel protects a party who has relied on a promise to their detriment, even in

the absence of a formal contract.




What is quantum meruit?


✔✔ Quantum meruit is a legal principle allowing recovery of the value of work performed when

there is no contract or the contract is unenforceable.




What is commercial impracticability?


✔✔ Commercial impracticability occurs when performance of a contract becomes unreasonably

difficult or expensive due to unforeseen events.




What does legal capacity mean in the context of contracts?


✔✔ Legal capacity means the ability of a party to understand and agree to the terms of a

contract, which typically requires being of sound mind and legal age.




What is collateral contract?




2

,✔✔ A collateral contract is a secondary agreement that exists alongside the main contract, often

supporting or supplementing its terms.




What is equitable remedy?


✔✔ Equitable remedy refers to a court-ordered solution that provides fairness, such as

injunctions or specific performance, rather than monetary compensation.




What is condition precedent?


✔✔ A condition precedent is an event or condition that must occur before a party's duty under a

contract becomes effective.




What does exculpatory clause mean in a contract?


✔✔ An exculpatory clause is a provision that limits or eliminates liability for one party in the

event of a breach or harm.




What is mutual assent in contract law?


✔✔ Mutual assent is the agreement by both parties to the terms of a contract, typically

demonstrated by offer and acceptance.




3

, What is frustration of purpose?


✔✔ Frustration of purpose occurs when an unforeseen event undermines the fundamental reason

for entering into a contract, making performance impossible.




What does capacity refer to in the context of business entities?


✔✔ Capacity refers to the legal ability of a business entity to enter into contracts and conduct

business within its scope of authority.




What is indemnity agreement?


✔✔ An indemnity agreement is a contract in which one party agrees to compensate another for

certain damages or losses.




What is contractual intent?


✔✔ Contractual intent refers to the intention of the parties involved to create a legally binding

agreement through their communications and actions.




What does breach of contract involve?


✔✔ Breach of contract involves failing to perform the terms agreed upon in a contract without a

lawful excuse.

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