Law of Contracts Questions With Accurate Answers.
Acceptance - accurate answers-The offeree's manifestation of assent to the
terms of the offer.
Accord - accurate answers-A contract to pay a stated amount to discharge a
prior obligation that is either uncertain as to its existence or amount.
Satisfaction (performance) of the accord contract is required before the duties
under the original contract are terminated.
Adhesion contract - accurate answers-A contract formed by one party
imposing his will upon an unwilling or even unwitting party.
Assignee - accurate answers-The third-party (not one of the original
contracting parties) to whom a contractual right is transferred.
Assignment - accurate answers-The transfer of a contractual right.
Assignor - accurate answers-The promisee in the original contract who
transfers his contractual right to a third person.
Cause of action - accurate answers-The theory upon which relief should be
granted. The cause of action should be distinguished from the remedy sought
if the cause of action could be maintained. Breach of contract is a cause of
action; damages is a remedy for breach of contract.
Cognitive test - accurate answers-The traditional common law test whereby a
contracting party may disaffirm a contract if his mind was so affected by
mental disease or defect as to render him wholly and absolutely unable to
comprehend and understand the nature of the transaction.
Common law - accurate answers-The body of the law and the jurisprudential
theory that originated and developed in England. Common law, as
distinguished from law created by legislative enactment, is derived from
custom and usage and from judicial decisions recognizing and enforcing
custom and usage.
Consideration - accurate answers-A contract has two "considerations"-
consideration for the promisor's promise and consideration for the
promisee's promise or performance. Consideration is the "price" sought by
, the promisor for his promise and the "price" sought by the promisee for his
promise or performance.
Counteroffer - accurate answers-An offer made by the offeree to the offeror
that deals with the subject matter of the original matter but with some
variation in the terms.
Creditor beneficiary - accurate answers-A third-party beneficiary to a contract
who received a right under the contract who received a right under the
contract when it was formed to discharged a prior obligation that the promise
had with the third-party beneficiary.
Damages - accurate answers-Compensation awarded by a court to a party
who has suffered a loss or injury to rights or property.
Delegation - accurate answers-The empowering of another by the obligor to
perform the obligor's contractual duty.
Donee beneficiary - accurate answers-A third-party beneficiary to a contract
who receives a gift under the contract.
Duress - accurate answers-The use of any wrongful act or threat to influence a
party to contract. Duress has two forms: duress by actual physical force and
duress by threat.
Duress by actual physical force - accurate answers-This form of duress occurs
when a person using physical force compels a party to assent to the contract,
even though that party did not intent to contract.
Duress by threat - accurate answers-This form of duress occurs when a
person improperly threatens a party to induce assent to the contract, when
the threatened party has no reasonable alternative but to assent. Duress by
threat includes "economic duress."
Expectation interest - accurate answers-Protecting the nonbreaching party's
expectation interest places the nonbreaching party in the position he would
have been in had the contract been fully performed by both parties according
to the contract.
Acceptance - accurate answers-The offeree's manifestation of assent to the
terms of the offer.
Accord - accurate answers-A contract to pay a stated amount to discharge a
prior obligation that is either uncertain as to its existence or amount.
Satisfaction (performance) of the accord contract is required before the duties
under the original contract are terminated.
Adhesion contract - accurate answers-A contract formed by one party
imposing his will upon an unwilling or even unwitting party.
Assignee - accurate answers-The third-party (not one of the original
contracting parties) to whom a contractual right is transferred.
Assignment - accurate answers-The transfer of a contractual right.
Assignor - accurate answers-The promisee in the original contract who
transfers his contractual right to a third person.
Cause of action - accurate answers-The theory upon which relief should be
granted. The cause of action should be distinguished from the remedy sought
if the cause of action could be maintained. Breach of contract is a cause of
action; damages is a remedy for breach of contract.
Cognitive test - accurate answers-The traditional common law test whereby a
contracting party may disaffirm a contract if his mind was so affected by
mental disease or defect as to render him wholly and absolutely unable to
comprehend and understand the nature of the transaction.
Common law - accurate answers-The body of the law and the jurisprudential
theory that originated and developed in England. Common law, as
distinguished from law created by legislative enactment, is derived from
custom and usage and from judicial decisions recognizing and enforcing
custom and usage.
Consideration - accurate answers-A contract has two "considerations"-
consideration for the promisor's promise and consideration for the
promisee's promise or performance. Consideration is the "price" sought by
, the promisor for his promise and the "price" sought by the promisee for his
promise or performance.
Counteroffer - accurate answers-An offer made by the offeree to the offeror
that deals with the subject matter of the original matter but with some
variation in the terms.
Creditor beneficiary - accurate answers-A third-party beneficiary to a contract
who received a right under the contract who received a right under the
contract when it was formed to discharged a prior obligation that the promise
had with the third-party beneficiary.
Damages - accurate answers-Compensation awarded by a court to a party
who has suffered a loss or injury to rights or property.
Delegation - accurate answers-The empowering of another by the obligor to
perform the obligor's contractual duty.
Donee beneficiary - accurate answers-A third-party beneficiary to a contract
who receives a gift under the contract.
Duress - accurate answers-The use of any wrongful act or threat to influence a
party to contract. Duress has two forms: duress by actual physical force and
duress by threat.
Duress by actual physical force - accurate answers-This form of duress occurs
when a person using physical force compels a party to assent to the contract,
even though that party did not intent to contract.
Duress by threat - accurate answers-This form of duress occurs when a
person improperly threatens a party to induce assent to the contract, when
the threatened party has no reasonable alternative but to assent. Duress by
threat includes "economic duress."
Expectation interest - accurate answers-Protecting the nonbreaching party's
expectation interest places the nonbreaching party in the position he would
have been in had the contract been fully performed by both parties according
to the contract.
