Module 5 Contract Law Flashcards
What is a contract?
a) An agreement by one party to complete work for another party.
b) An exchange of enforceable promises between two or more parties, usually but not always in writing.
c) An agreement by one or more parties to exchange services or products.
b) An exchange of enforceable promises between two or more parties, usually but not always in writing.
What is one element of a contract?
a) There is mutual agreement, demonstrated by an offer, acceptance and meeting of the minds.
b) It is fair to all parties.
c) It is written in clear, plain language.
a) There is mutual agreement, demonstrated by an offer, acceptance and meeting of the minds.
When may consideration not be a legal requirement of a contract?
a) When both parties are in agreement that consideration is not needed.
b) When the contract is sealed.
c) When the contract is only for a short period of time?
b) When the contract is sealed.
Why must the sale or disposition of land be evidenced in writing?
a) This is common sense.
b) Because a large amount of money may be involved.
c) This is a requirement of the Statute of Frauds.
c) This is a requirement of the Statute of Frauds.
What is a mutual mistake?
a) A situation in which the parties each made different mistakes with respect to the contract.
b) A situation in which the parties mutually agree there is a mistake in the contract.
c) A situation in which the parties made the same, mutual mistake.
a) A situation in which the parties each made different mistakes with respect to the contract.
What does non est factum mean?
a) The facts are not all present.
b) It is not my act because my mind did not go with my pen.
c) The parties all assumed the same risk in the contract.
b) It is not my act because my mind did not go with my pen.
What is the Parol Evidence Rule?
a) Contracting parties must mutually provide evidence of any changes they agree to in a contract.
b) Contracting parties mutually accept the validity of oral changes to a contract if all parties evidenced the changes.
c) Contracting parties cannot alter the meaning of their contract through use of contemporaneous oral declarations.
c) Contracting parties cannot alter the meaning of their contract through use of contemporaneous oral declarations.
What is one way in which a contract can be discharged?
a) By the contract’s own dissolution.
b) By the parties orally agreeing to terminate the contract.
c) By a third party mediator declaring a contract discharged.
a) By the contract’s own dissolution.
What is quantum meruit?
a) The clause in a contract that spells out the considerations or quantities that will be merited by one party upon completion of the contract.
b) A method that allows a party to receive compensation or payment for the work completed on a contract that has been breached by the other party.
c) The amount of time for which a contract is valid.
b) A method that allows a party to receive compensation or payment for the work completed on a contract that has been breached by the other party.
What is a tendering process?
a) A transparent and systematic way for organizations to reach an agreement with a contractor for the completion of work.
b) A clear and efficient way for an organization to identify possible contractors to approach for work that needs to be completed.
c) A non-threatening approach to identifying and selecting contractors for small projects.
a) A transparent and systematic way for organizations to reach an agreement with a contractor for the completion of work.
