LEB 320F Exam 1 Questions and Answers Already Passed
6 views 0 purchase
Course
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 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
