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WRA_ Chapter 13 terms_ Contract Law Questions & answers with Complete solutions | Latest edition
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WRA_ Chapter 13 terms_ Contract Law Questions & answers with Complete solutions | Latest edition
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WRA: Chapter 13 terms: Contract LawBilateral contract - CORRECT ANSWER-A contract which binds to parties. Two
promises are given, one in exchange for another.
Breach - CORRECT ANSWER-A failure to perform as promised in a contract.
Competent parties - CORRECT ANSWER-To be considered a competent party, it
is required that all persons involved in a valid contract be of legal age and sound
mind.
Consideration - CORRECT ANSWER-One of the elements necessary to form a
valid contract. It may take the form of good or valuable
Contingency - CORRECT ANSWER-A provision in a contract that requires the
completion of a certain act or happening of a particular event before the contract
is binding.
Contract - CORRECT ANSWER-A legally enforceable promise or set of promises
that must be performed and for which if a breach occurs, the law provides a
remedy.
Covenant - CORRECT ANSWER-A promise contained in a deed by which one of
the party agrees or pledges to the other that something will be done or shall not
be done.
Damages - CORRECT ANSWER-Compensation recoverable in a lawsuit by a
party who sustained an injury.
Liquidation - CORRECT ANSWER-A remedy for breach of contract, which is
available only to the seller, whereby he or she retains the buyer's earnest money
as liquidated damages.
Meeting of minds - CORRECT ANSWER-Mutual assent or agreement between
the parties to a contract regarding the substance of the contract. There can be no
contract unless there is a meeting of the minds.
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