Question
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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