Sample exam III Flashcards
What legal remedies could one party utilize to get out of a contract?
Mistake
Fraud
Breach of contract
Invalid offer
Invalid acceptane
No meeting of minds
What are possible judgements a court could order if a party prevailed?
Financial rewards
Specific Performance
Mechanic’s lien
No damages for delays clause, what could contractor do?
Negotiate
Not bid
Bid, hope for the best
Why would you want to incorporate your company?
Limited liability
Perpetual life
Profits / losses under the business name
easier to raise capital through sale of shares
Why do design-build contracts often require joint venture partnership?
Risk spread over parties
Increased financial capacity for bonding
Separate areas of expertise