LPL4802 OCTOBER
NOVEMBER PORTFOLIO
,LPL4802 OCTOBER NOVEMBER PORTFOLIO
(COMPLETE ANSWERS) Semester 2 2024 - DUE 30
October 2024
s
1. What is the primary purpose of contract law?
o A) To penalize breaches of law
o B) To enforce agreements between parties
o C) To govern criminal behavior
o D) To regulate business practices Answer: B
Rationale: Contract law primarily exists to enforce agreements made between
parties, ensuring they adhere to the terms agreed upon.
2. Which of the following is an essential element of a valid contract?
o A) Written form
o B) Consideration
o C) Witness signatures
o D) Public notary Answer: B
Rationale: Consideration is necessary for a contract to be enforceable; it
represents something of value exchanged between the parties.
3. What does the term 'capacity' refer to in contract law?
o A) The legal ability to enter into a contract
o B) The volume of goods a business can produce
o C) The size of a company
o D) The financial capability of a party Answer: A
Rationale: Capacity in contract law refers to the legal ability of parties to enter
into a binding contract, typically excluding minors and mentally incapacitated
individuals.
4. Which of the following constitutes a breach of contract?
o A) Failing to pay for services rendered
o B) Negotiating a better price
o C) Delaying a meeting
o D) Offering a discount Answer: A
Rationale: A breach of contract occurs when one party fails to fulfill their
obligations as stipulated in the agreement.
5. What is 'negligence' in tort law?
o A) Intentional harm caused to another
o B) Failure to exercise reasonable care, resulting in damage or injury
o C) A criminal act
, o D) A violation of a contract Answer: B
Rationale: Negligence involves a failure to act with the level of care that a
reasonably prudent person would in similar circumstances, leading to harm.
6. In tort law, what does 'damages' refer to?
o A) Punishments for wrongdoing
o B) Compensation awarded to a victim
o C) Legal fees incurred
o D) Interest on unpaid debts Answer: B
Rationale: Damages are monetary compensation awarded to a party that has
suffered loss or injury due to the actions or inactions of another party.
7. Which of the following is a defense to negligence?
o A) Strict liability
o B) Contributory negligence
o C) Intentional tort
o D) Vicarious liability Answer: B
Rationale: Contributory negligence occurs when the plaintiff is found to be
partially at fault for their own injury, which can reduce or eliminate their claim.
8. What is the purpose of intellectual property law?
o A) To regulate criminal behavior
o B) To protect creations of the mind, such as inventions and artistic works
o C) To govern corporate mergers
o D) To manage employee relations Answer: B
Rationale: Intellectual property law protects the rights of creators and inventors,
ensuring they can benefit from their inventions and creations.
9. Which of the following types of contracts must be in writing to be enforceable under
the Statute of Frauds?
o A) Contracts for the sale of goods under $500
o B) Contracts for employment
o C) Contracts for the sale of real estate
o D) Contracts for services Answer: C
Rationale: The Statute of Frauds requires certain contracts, including those for
the sale of real estate, to be in writing to be enforceable.
10. What does 'vicarious liability' mean?
o A) Liability for one's own actions
o B) Liability imposed on an employer for the actions of an employee
o C) Joint liability between two parties
o D) Liability that is not enforceable Answer: B
Rationale: Vicarious liability holds an employer responsible for the negligent
actions of an employee performed in the course of their employment.
11. What is the 'exclusion clause' in a contract?
o A) A provision that limits a party’s liability
o B) A clause that invalidates the contract
o C) A requirement for written agreements
o D) A term that adds more obligations Answer: A
Rationale: An exclusion clause seeks to limit the liability of one party under
specific conditions within the contract.
NOVEMBER PORTFOLIO
,LPL4802 OCTOBER NOVEMBER PORTFOLIO
(COMPLETE ANSWERS) Semester 2 2024 - DUE 30
October 2024
s
1. What is the primary purpose of contract law?
o A) To penalize breaches of law
o B) To enforce agreements between parties
o C) To govern criminal behavior
o D) To regulate business practices Answer: B
Rationale: Contract law primarily exists to enforce agreements made between
parties, ensuring they adhere to the terms agreed upon.
2. Which of the following is an essential element of a valid contract?
o A) Written form
o B) Consideration
o C) Witness signatures
o D) Public notary Answer: B
Rationale: Consideration is necessary for a contract to be enforceable; it
represents something of value exchanged between the parties.
3. What does the term 'capacity' refer to in contract law?
o A) The legal ability to enter into a contract
o B) The volume of goods a business can produce
o C) The size of a company
o D) The financial capability of a party Answer: A
Rationale: Capacity in contract law refers to the legal ability of parties to enter
into a binding contract, typically excluding minors and mentally incapacitated
individuals.
4. Which of the following constitutes a breach of contract?
o A) Failing to pay for services rendered
o B) Negotiating a better price
o C) Delaying a meeting
o D) Offering a discount Answer: A
Rationale: A breach of contract occurs when one party fails to fulfill their
obligations as stipulated in the agreement.
5. What is 'negligence' in tort law?
o A) Intentional harm caused to another
o B) Failure to exercise reasonable care, resulting in damage or injury
o C) A criminal act
, o D) A violation of a contract Answer: B
Rationale: Negligence involves a failure to act with the level of care that a
reasonably prudent person would in similar circumstances, leading to harm.
6. In tort law, what does 'damages' refer to?
o A) Punishments for wrongdoing
o B) Compensation awarded to a victim
o C) Legal fees incurred
o D) Interest on unpaid debts Answer: B
Rationale: Damages are monetary compensation awarded to a party that has
suffered loss or injury due to the actions or inactions of another party.
7. Which of the following is a defense to negligence?
o A) Strict liability
o B) Contributory negligence
o C) Intentional tort
o D) Vicarious liability Answer: B
Rationale: Contributory negligence occurs when the plaintiff is found to be
partially at fault for their own injury, which can reduce or eliminate their claim.
8. What is the purpose of intellectual property law?
o A) To regulate criminal behavior
o B) To protect creations of the mind, such as inventions and artistic works
o C) To govern corporate mergers
o D) To manage employee relations Answer: B
Rationale: Intellectual property law protects the rights of creators and inventors,
ensuring they can benefit from their inventions and creations.
9. Which of the following types of contracts must be in writing to be enforceable under
the Statute of Frauds?
o A) Contracts for the sale of goods under $500
o B) Contracts for employment
o C) Contracts for the sale of real estate
o D) Contracts for services Answer: C
Rationale: The Statute of Frauds requires certain contracts, including those for
the sale of real estate, to be in writing to be enforceable.
10. What does 'vicarious liability' mean?
o A) Liability for one's own actions
o B) Liability imposed on an employer for the actions of an employee
o C) Joint liability between two parties
o D) Liability that is not enforceable Answer: B
Rationale: Vicarious liability holds an employer responsible for the negligent
actions of an employee performed in the course of their employment.
11. What is the 'exclusion clause' in a contract?
o A) A provision that limits a party’s liability
o B) A clause that invalidates the contract
o C) A requirement for written agreements
o D) A term that adds more obligations Answer: A
Rationale: An exclusion clause seeks to limit the liability of one party under
specific conditions within the contract.
