DBIA - Contracts and Risk Management questions and answers

DBIA - Contracts and Risk Management
questions and answers

Requirements |for |a |valid |contract |- |ANSWERS✔✔-Offer

-Acceptance

-Consideration

-Capacity

-Authority



Trident |v. |Austin |(2003) |- |ANSWERS✔✔-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 |- |ANSWERS✔✔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) |- |ANSWERS✔✔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 |- |ANSWERS✔✔Award |what |was |reasonably |expected |from |the |contract



Rescission |Damages |- |ANSWERS✔✔When |expectation |damages |not |available, |award |what |party |
would |have |had |if |contract |had |not |existed



Specific |Performance |and |Injunctive |Relief |- |ANSWERS✔✔If |contract's |subject |is |unique, |a |court |
may |order |