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Review Questions for Final Exam Case Study Define promisor and promisee. In a typical contract, what are the parties trying to achieve? Why do the

Review Questions for Final Exam Case Study

Define promisor and promisee.

In a typical contract, what are the parties trying to achieve?

Why do the contracted parties end up in court?

What are the essential elements of a contract? Describe each one.

What is an arm's-length agreement vs. a non-arm's-length agreement?

What are the Terms of the contracts?

What are the conditions of a contract?

What are the warranties of the contract?

What is a breach?

What are the different types of breach?

What are the remedies for breach?

What does it mean when it is said a contract is "frustrated"?

What is an "Act of God"?

Why are the contracted parties in a dispute expected to mitigate damages?

When no price (consideration) is mentioned, what do the courts consider when considering remedies?

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