LEB 320F Unit 1 - Quiz Questions with Verified Answers
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LEB 320F Unit 1 -
Institution
LEB 320F Unit 1 -
LEB 320F Unit 1 - Quiz Questions with
Verified Answers
What is "contract performance"?
Contract performance refers to the fulfillment of the terms and conditions agreed upon in a
contract by all parties involved.
Define "agreement" in the context of contract formation.
An agreement is...
LEB 320F Unit 1 - Quiz Questions with
Verified Answers
What is "contract performance"?
✔✔ Contract performance refers to the fulfillment of the terms and conditions agreed upon in a
contract by all parties involved.
Define "agreement" in the context of contract formation.
✔✔ An agreement is a mutual understanding and consent between parties regarding the terms of
a contract, which includes an offer and acceptance.
What does "enforceable contract" mean?
✔✔ An enforceable contract is a legally valid agreement that can be upheld and enforced in a
court of law.
What are "exculpatory clauses" in contracts?
✔✔ Exculpatory clauses are provisions in a contract that seek to limit or eliminate liability for
certain actions or outcomes.
1
,Explain the concept of "contractual capacity" for businesses.
✔✔ Contractual capacity for businesses refers to the legal ability of a business entity to enter
into contracts, typically determined by the organization's legal structure and authority.
What is a "contractual term"?
✔✔ A contractual term is a specific provision or condition outlined in a contract that defines the
rights and obligations of the parties involved.
Define "express contract."
✔✔ An express contract is a type of contract where the terms and conditions are explicitly stated
and agreed upon by the parties, either orally or in writing.
What is a "quasi-contract"?
✔✔ A quasi-contract is a legal concept where a court imposes an obligation on a party to prevent
unjust enrichment, even though no formal contract exists between the parties.
What is meant by "contract discharge"?
✔✔ Contract discharge refers to the termination of a contract, either through performance,
mutual agreement, or other legal means, releasing the parties from further obligations.
2
, Describe "performance-based contract."
✔✔ A performance-based contract is an agreement where the payment or compensation is linked
to the achievement of specific performance goals or outcomes.
What is the primary focus of business law?
✔✔ The primary focus of business law is to govern the legal aspects of commercial transactions,
business operations, and relationships between businesses and individuals.
Define "contract" in a legal context.
✔✔ A contract is a legally binding agreement between two or more parties that outlines their
rights and obligations.
What is meant by "offer" in contract law?
✔✔ An offer is a proposal by one party to enter into a legally binding agreement with another
party, which includes terms and conditions for acceptance.
Explain the term "consideration" in contract formation.
3
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