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