Contract Law Test Questions
What is the definition of a contract?
An agreement between two or more parties for the doing or not doing of something specified.
Describe the various types of contracts.
1) Bilateral and Unilateral
2) Express and Implied
3) Executory and Executed
What elements does a contract need to be enforceable?
1) Agreement
2) Legality
3) Consideration
4) Capacity
What elements would constitute a discharge of a contract?
1) Material breach
2) Minor breach
3) Anticipatory breach
4) Mutual Rescission
5) Accord/Satisfaction
What is a bilateral contract?
Both parties make a promise.
What is a unilateral contract?
One party make a promise that the other party can accept only by doing something. ex. I'll give you $10 to mow my lawn. If not mowed no $10.
What is an express contract?
Two parties state all important terms of their agreement. ex. Where, when, how much, oral or written.
What is an implied contract?
Words and conduct of the parties indicate that they intended an agreement.
What is an executory contract?
When one or more parties have not fulfilled its obligations.
What is an executed contract?
When all parties have fulfilled their obligations?
If there is a breech of contact, what remedies are available?
Injuction - An order forcing someone to do something or refrain from doing something.
Expectation Damages / Restitution - $ required to put on party in the position she would have been had the other side performed the contract.
Specific Performance - In cases of rare property court ordered to complete the deal.
Reformation - Court will rewrite contract.
Describe types of acceptable performace of a contract.
Strict Performance
Substantial Performance
What are the Sherman and Clayton Antitrust Acts?
Sherman Act of 1890 - first national law to regulate competition.
Clayton Act of 1914 clarified the Sherman Act.
What are the key provisions of the Sherman and Clayton Antitrust Acts?
An agreement between two or more parties for the doing or not doing of something specified.
Describe the various types of contracts.
1) Bilateral and Unilateral
2) Express and Implied
3) Executory and Executed
What elements does a contract need to be enforceable?
1) Agreement
2) Legality
3) Consideration
4) Capacity
What elements would constitute a discharge of a contract?
1) Material breach
2) Minor breach
3) Anticipatory breach
4) Mutual Rescission
5) Accord/Satisfaction
What is a bilateral contract?
Both parties make a promise.
What is a unilateral contract?
One party make a promise that the other party can accept only by doing something. ex. I'll give you $10 to mow my lawn. If not mowed no $10.
What is an express contract?
Two parties state all important terms of their agreement. ex. Where, when, how much, oral or written.
What is an implied contract?
Words and conduct of the parties indicate that they intended an agreement.
What is an executory contract?
When one or more parties have not fulfilled its obligations.
What is an executed contract?
When all parties have fulfilled their obligations?
If there is a breech of contact, what remedies are available?
Injuction - An order forcing someone to do something or refrain from doing something.
Expectation Damages / Restitution - $ required to put on party in the position she would have been had the other side performed the contract.
Specific Performance - In cases of rare property court ordered to complete the deal.
Reformation - Court will rewrite contract.
Describe types of acceptable performace of a contract.
Strict Performance
Substantial Performance
What are the Sherman and Clayton Antitrust Acts?
Sherman Act of 1890 - first national law to regulate competition.
Clayton Act of 1914 clarified the Sherman Act.
What are the key provisions of the Sherman and Clayton Antitrust Acts?