Contracts and Sales

Question 1

What does ‘Predominant’ mean?

Answer 1

the strongest or main element

This term is often used to describe the most significant factor in a given context.

Question 2

Define ‘Unilateral’.

Answer 2

one-sided, undertaken by one party

This term is commonly used in legal contexts to describe actions or agreements that involve only one party.

Question 3

What is ‘Bilateral’?

Answer 3

two-sided, involving both parties

This term is often used in agreements or negotiations that require mutual participation.

Question 4

Explain ‘Promissory Estoppel’.

Answer 4

a common-law doctrine to enforce promises that were made and relied upon

This legal principle prevents a party from withdrawing a promise when the other party has relied on that promise.

Question 5

What does ‘Quasi’ refer to?

Answer 5

almost; analogous to

This term is frequently used to describe something that resembles or is similar to something else.

Question 6

Define ‘Merchantability’.

Answer 6

suitable for buying and selling; implied warranty promising a product is fit for the ordinary purpose for which it was intended

This legal concept is crucial in the sale of goods and consumer protection.

Question 7

What does ‘Tender’ mean in a legal context?

Answer 7

to offer or present

This term is often used in contracts to refer to the act of presenting something, such as payment or performance.