Week 3

Question 1

3 types of obligations (performance)

Answer 1

Obligation to give something
Obligation to do something
Obligation not to do something

Question 2

Duties

Answer 2

Duty to achieve a specific result
What is the expected outcome?
- The specific, guaranteed result, if not ==> liability

Duty of best efforts
What is the expected outcome?
- To do his reasonable best to achieve the intended (not guaranteed) result, if not ==> liability

Question 3

Quality of the performance

Answer 3

Where the quality of performance is neither fixed or determined by the contract a party is bound to render a performance of a quality that is reasonable and not less than average

• Determined by the contract

Question 4

Conditioned agreement

Answer 4

Future uncertain event
1. Suspensive condition / condition precedent (suspended until event occurs)
2. Resolutive condition / condition subsequent (contract terminated)

Question 5

Term

Answer 5

Certain event

Question 6

Retroactive effect (in sanctions)

Answer 6

Laws may impact actions or situations occurring before the law was enacted

Question 7

Avoidance vs Void

Answer 7

An “avoided contract” is a contract that is no longer legally binding due to fraud or duress.

A “void contract,” is considered to have no legal force or effect from the moment it was created, due to a defect in its formation, such as a lack of consideration or a violation of law.

Question 8

Absolute vs relative sanctions

Answer 8

Aabsolute sanctions represent a comprehensive economic ban, while relative sanctions are more targeted and limited in scope. Restrict specific goods, services, or industries

Question 9

Agreement under terms

Answer 9

The performance of a contract / obligation depends from a certain term