Business Law Module 1 Questions and Answers | Latest Update | 2024/2025 | Rated A+
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Course
Business Law Module 1
Institution
Business Law Module 1
Business Law Module 1 Questions and
Answers | Latest Update | 2024/2025 |
Rated A+
What is contract law?
Contract law governs the creation, enforcement, and interpretation of agreements between
parties.
What makes a contract valid?
A valid contract requires an offer, acceptance, ...
Business Law Module 1 Questions and
Answers | Latest Update | 2024/2025 |
Rated A+
What is contract law?
✔✔ Contract law governs the creation, enforcement, and interpretation of agreements between
parties.
What makes a contract valid?
✔✔ A valid contract requires an offer, acceptance, consideration, and mutual intent to be bound.
How do bilateral and unilateral contracts differ?
✔✔ Bilateral contracts involve mutual promises, while unilateral contracts involve a promise in
exchange for a performance.
What is meant by consideration in a contract?
1
,✔✔ Consideration refers to something of value exchanged between parties in the agreement.
What does capacity refer to in contract law?
✔✔ Capacity means the legal ability to enter into a binding contract, requiring parties to be of
legal age and mentally competent.
What happens in a breach of contract?
✔✔ A breach of contract occurs when one party fails to fulfill their obligations as specified in
the agreement.
What remedies are available for a breach of contract?
✔✔ Remedies include damages, specific performance, and rescission, depending on the breach.
What is the statute of limitations in contract law?
2
, ✔✔ The statute of limitations is the time period within which a legal action for breach of
contract must be initiated.
What is the role of contractual terms?
✔✔ Contractual terms define the rights and obligations of each party involved in the contract.
What does capacity to contract mean?
✔✔ Capacity to contract means that parties must have the legal ability to enter into a contract,
such as being of sound mind and legal age.
What is the difference between an express contract and an implied contract?
✔✔ An express contract is directly stated and agreed upon, while an implied contract is formed
based on actions or circumstances.
What is considered an offer in contract law?
3
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