LAW OF CONTRACTS (Latest 2026)
Questions and Answers (Verified Answers) |
Guaranteed Success | 100% Correct
• Contract . Answer: An agreement between two or more parties that is
enforceable in court
• Acceptance . Answer: A party agrees to a proposal and offers
something in return
• Consideration . Answer: something of value exchanged for something
else of value
• Words and Actions . Answer: The way an offer can be made
• Negotiations . Answer: Do not make an offer -- This process still gives
either party a chance to walk away
• Meeting of the Minds . Answer: The point when two people, thinking
of the same thing, reach an agreement through an offer and acceptance. -
-- Determined by the court if there is a dispute
• Promise of a gift . Answer: Not enforceable as consideration because
only one party typically gets something -- not both
• Substantial Performance . Answer: Occurs when one party fulfills
enough of its contract obligations to warrant payment
• Breach . Answer: The failure to perform a legal obligation -- In this
case not living up to the terms of a contract
• Damages in contract law . Answer: Limited to the terms of the contract
-- No compensation for injuries, only what was stated in the contract
Questions and Answers (Verified Answers) |
Guaranteed Success | 100% Correct
• Contract . Answer: An agreement between two or more parties that is
enforceable in court
• Acceptance . Answer: A party agrees to a proposal and offers
something in return
• Consideration . Answer: something of value exchanged for something
else of value
• Words and Actions . Answer: The way an offer can be made
• Negotiations . Answer: Do not make an offer -- This process still gives
either party a chance to walk away
• Meeting of the Minds . Answer: The point when two people, thinking
of the same thing, reach an agreement through an offer and acceptance. -
-- Determined by the court if there is a dispute
• Promise of a gift . Answer: Not enforceable as consideration because
only one party typically gets something -- not both
• Substantial Performance . Answer: Occurs when one party fulfills
enough of its contract obligations to warrant payment
• Breach . Answer: The failure to perform a legal obligation -- In this
case not living up to the terms of a contract
• Damages in contract law . Answer: Limited to the terms of the contract
-- No compensation for injuries, only what was stated in the contract
