Contract Law

Question 1

when one party makes an offer that is accepted by the other party

Answer 1

contract formation

Question 2

when parties promise to give each other something of value

Answer 2

consideration

Question 3

for a contract to be binding it

Answer 3

offer and acceptance mus match each other (one party accepts exactly what the other party offered)

Question 4

a new offer to the first party which may be accepted or rejected

Answer 4

counter-offer

Question 5

for there to be a valid contract the parties must agree on

Answer 5

the essential terms
- price
- subject matter of the contract

Question 6

contract by spoken word

Answer 6

oral contract

Question 7

something positive which the party wants to get from a contract

Answer 7

rights

Question 8

something which a party has to do or give up

Answer 8

obligation

Question 9

when a party does not what it is required to

Answer 9

breach of contract

Question 10

the non breaching party can sue the breaching party to get a court to….

Answer 10

award damages for the breach

Question 11

money which the court orders the breaching party to pay to the non-breaching party in compensation

Answer 11

damages

Question 12

when the court orders the breaching party to perform the contract

Answer 12

specific performance

Question 13

when a party (assignor) transfers its rights to another party (assignee) to perform a specific performance

Answer 13

assignement

Question 14

a legal solution for a breach of contract, in order to achieve justice

Answer 14

damages

Question 15

remedies for breach of contract

Answer 15

-restitution (to have what they gave, returned to them)
-damages (compensation for their loss)
-specific performance (forced to perform contract)

Question 16

3 requirements for formation

Answer 16

-intention
-consideration
-agreement

Question 17

when you depend and trust in something or someone

Answer 17

reliance