LEGL 2700 Test 1 Epstein UGA | Latest
Update | 2024/2025 | Graded A+
What is breach of contract?
✔✔ A breach of contract occurs when a party fails to perform their duties as agreed upon in the
contract.
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 liquidated damages?
✔✔ Liquidated damages are pre-determined amounts specified in a contract that are payable if a
party breaches the contract.
What is unilateral contract?
✔✔ A unilateral contract is an agreement where one party promises something in return for the
performance of an act by the other party.
1
, What is parol evidence rule?
✔✔ The parol evidence rule prohibits the introduction of oral or written statements made prior to
or at the time of a written contract that contradict the written terms.
What is capacity to contract?
✔✔ Capacity to contract refers to a person’s legal ability to enter into a binding contract,
requiring they be of legal age and mentally competent.
What does specific performance involve in contract law?
✔✔ Specific performance is a legal remedy where a court orders a party to fulfill their
contractual obligations rather than pay damages.
What is mutual mistake in contract law?
✔✔ Mutual mistake occurs when both parties to a contract are mistaken about a material fact,
allowing for the contract to be voided.
What is enforceability of a contract?
✔✔ Enforceability refers to whether a contract can be legally upheld and executed by a court.
2
Update | 2024/2025 | Graded A+
What is breach of contract?
✔✔ A breach of contract occurs when a party fails to perform their duties as agreed upon in the
contract.
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 liquidated damages?
✔✔ Liquidated damages are pre-determined amounts specified in a contract that are payable if a
party breaches the contract.
What is unilateral contract?
✔✔ A unilateral contract is an agreement where one party promises something in return for the
performance of an act by the other party.
1
, What is parol evidence rule?
✔✔ The parol evidence rule prohibits the introduction of oral or written statements made prior to
or at the time of a written contract that contradict the written terms.
What is capacity to contract?
✔✔ Capacity to contract refers to a person’s legal ability to enter into a binding contract,
requiring they be of legal age and mentally competent.
What does specific performance involve in contract law?
✔✔ Specific performance is a legal remedy where a court orders a party to fulfill their
contractual obligations rather than pay damages.
What is mutual mistake in contract law?
✔✔ Mutual mistake occurs when both parties to a contract are mistaken about a material fact,
allowing for the contract to be voided.
What is enforceability of a contract?
✔✔ Enforceability refers to whether a contract can be legally upheld and executed by a court.
2
