DBIA - Contracts and Risk Management UPDATED ACTUAL Questions and CORRECT Answers

DBIA - Contracts and Risk Management
UPDATED ACTUAL Questions and
CORRECT Answers
Requirements for a valid contract - CORRECT ANSWER - -Offer
-Acceptance
-Consideration
-Capacity
-Authority


Trident v. Austin (2003) - CORRECT ANSWER - -Austin told Trident that they would
come back to them and use them if they won.
-Austin did win, but did not go back to Trident
-Trident could've offered a backup to their $5.2M.


Promissory Estoppel and Detrimental Reliance - CORRECT ANSWER - an equitable
doctrine that prevents the withdrawal of a promise by a promisor if it will adversely affect a
promisee who has adjusted his or her position in justifiable reliance on the promise


Metroplexcore v. Parsons Transportation Group (2014) - CORRECT ANSWER - PTG
made repeated assurances that MC would be part of the team (promises). Even the owner
expected MC to be on the team. - Example of Promissory Estoppel


Expectation Damages - CORRECT ANSWER - Award what was reasonably expected
from the contract


Rescission Damages - CORRECT ANSWER - When expectation damages not available,
award what party would have had if contract had not existed