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LEGL 2700 UGA Test 3 Questions and Answers | Latest Version | 2024/2025 | 100% Verified
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LEGL 2700 UGA Test 3 Questions and Answers | Latest Version | 2024/2025 | 100% Verified What is the primary purpose of a contract in business transactions? The primary purpose of a contract is to create legally binding obligations and ensure that parties adhere to agreed-upon terms. Ho...

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  • September 4, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • legl 2700 uga test 3 questions and answers lates

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LEGL 2700 UGA Test 3 Questions and
Answers | Latest Version | 2024/2025 |
100% Verified

What is the primary purpose of a contract in business transactions?


✔✔ The primary purpose of a contract is to create legally binding obligations and ensure that

parties adhere to agreed-upon terms.




How can a contract be legally terminated?


✔✔ A contract can be legally terminated through mutual agreement, performance of terms, or

breach of contract.




What is consideration in the context of a contract?


✔✔ Consideration refers to something of value exchanged between parties in a contract, which

is necessary for the contract to be enforceable.




What is capacity in contract law?


✔✔ Capacity refers to the legal ability of parties to enter into a contract, typically requiring that

they are of legal age and mentally competent.



1

,What is breach of contract?


✔✔ Breach of contract occurs when one party fails to fulfill their obligations under the terms of

the contract.




What remedies are available for breach of contract?


✔✔ Remedies for breach of contract may include damages, specific performance, or rescission.




What is the difference between express and implied contracts?


✔✔ Express contracts are explicitly agreed upon by the parties, while implied contracts are

formed by the actions or conduct of the parties.




What is fraudulent misrepresentation in contract formation?


✔✔ Fraudulent misrepresentation involves making false statements intentionally to induce

another party to enter into a contract.




How does unilateral mistake affect a contract?


✔✔ A unilateral mistake occurs when only one party is mistaken about a material fact,

potentially affecting the contract’s enforceability.

2

, What is mutual assent in contract law?


✔✔ Mutual assent refers to the agreement between parties on the terms of a contract, usually

demonstrated through offer and acceptance.




What is contractual capacity and why is it important?


✔✔ Contractual capacity is the ability to understand and agree to the terms of a contract. It is

important to ensure that all parties are legally able to enter into binding agreements.




What is an enforceable contract?


✔✔ An enforceable contract is one that meets all legal requirements and can be upheld in a court

of law.




What does performance mean in the context of a contract?


✔✔ Performance refers to the fulfillment of the obligations and terms set forth in a contract by

the parties involved.




What is anticipatory breach of contract?




3

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