Sample exam III Flashcards

1
Q

What legal remedies could one party utilize to get out of a contract?

A

Mistake
Fraud
Breach of contract
Invalid offer
Invalid acceptane
No meeting of minds

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2
Q

What are possible judgements a court could order if a party prevailed?

A

Financial rewards
Specific Performance
Mechanic’s lien

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3
Q

No damages for delays clause, what could contractor do?

A

Negotiate
Not bid
Bid, hope for the best

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4
Q

Why would you want to incorporate your company?

A

Limited liability
Perpetual life
Profits / losses under the business name
easier to raise capital through sale of shares

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5
Q

Why do design-build contracts often require joint venture partnership?

A

Risk spread over parties
Increased financial capacity for bonding
Separate areas of expertise

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6
Q
A
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