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Exam (elaborations)

BLS Contract Law 2026/2027 | Contract Law Study Guide, Practice Questions & Exam Review

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BLS Contract Law 2026/2027 | Contract Law Study Guide, Practice Questions & Exam Review

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BLS Law
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STUVIA


BLS Contract Law

BLS Contract Law
"As much as he or she deserves" - ✔✔Quantum Merut

A clause in a contract designating the law (such as the law of a particular state or
nation) that will govern the contract. - ✔✔Choice-of-Law Clause

A debt that is due and certain in amount. - ✔✔Liquidated Debt

A promise or commitment to perform or refrain from performing some specified act in
the future. - ✔✔Offer

A provision in a contract designating the court, jurisdiction, or tribunal that will decide
any disputes arising under the contract. - ✔✔Forum-Selection Clause
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A rule of the Securities and Exchange Commission that makes it unlawful, in
connection with the purchase or sale of any security, to make any untrue statement of
a material fact or to omit a material fact if such omission causes the statement to be
misleading. - ✔✔SEC Rule 10b-5

A small monetary award (often one dollar) granted to a plaintiff when no actual damage
was suffered. - ✔✔Nominal Damages

A third party for whose benefit a contract is formed. - ✔✔Intended Beneficiary

A third party who incidentally benefits from a contract but whose benefit was not the
reason the contract was formed - ✔✔Incidental Beneficiary

A valid contract rendered unenforceable by some statute or law. - ✔✔Unenforceable
Contract




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,_BLS
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BLS Law
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Law (1).pdf~~_BLS Contract Law BLS Contract Law (1).pdf~~~!!!!!!!!!!!!!!!!!!!!!!!!!!@#!#@@@@@@@@@@@@@@@@@@@!!




STUVIA

Action by a party indicating that they won't perform an obligation that the party is
contractually obligated to perform at a future time. - ✔✔Anticipatory Repudiation

Addresses certain issues relating to corporate governance, introduced direct federal
corporate governance requirements for publicly traded companies -
✔✔Sarbines-Oxley Act

Agreeing to substitute contract for a new one, substituting a third party for one of the
original parties. - ✔✔Novation

Agreement between the parties to cancel their contract, releasing the parties from
further obligations under the contract (square 1) - ✔✔Mutual Rescission

Agreement made and executed in satisfaction of the rights one has from a previous
contract - ✔✔Accord and Satisfaction
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Agreement to escape certain types of liability which is made prior to the time the
liability is created - ✔✔Exculpatory Contract

Agreement to substitute a contractual obligation for some other type of legal action
based on a valid claim. - ✔✔Covenant Not to Sue

All laws except when changed by UCC or administration agencies. - ✔✔Common Law
Governs:

An acceptance of an offer becomes effective on dispatch. - ✔✔Mailbox Rule

An agreement between a seller and a buyer who frequently do business with each
other concerning the terms and conditions that will apply to all subsequently formed
electronic contracts. - ✔✔Partnering Agreement

An agreement whose terms are expressed in a document located inside a box in which
goods are packaged. - ✔✔Shrink-Wrap Agreement




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BLS Law
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September 13, 2026
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