What are the potential risks and liabilities associated with breaching a contract, and how can parties protect themselves from these risks?
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What are the potential risks and liabilities associated with breaching a contract, and how can parties protect themselves from these risks?
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- True or False If a contract is fully performed by all parties to it, then it is presumed to have been ratified, regardless of the minority of one party.A buyer bought a property without telling the seller or broker of his intended purpose for the property. The contract contained no contingency clauses and was properly signed and executed. He became very angry when he was unable to obtain the zoning for the commercial project he had planned and now wants to declare the contract null and void and get his money back. What is the status of the contract at this time? O This is a breach of contract since the buyer cannot use the property. . This is an implied, valid contract. O This is a voidable, enforceable contract. O This is a valid, enforceable, executed contract.What are the elements of a contract? Explain who the parties of a contract might be.
- 1) What is a Contract and what are its elements? 2) When is there a VALID OFFER? 3) What is Breach of Contract? 4) Differentiate Void from Voidable Contacts. 5) When is there Undue Influence in a Contract?What is the main difference between contracts discharged due to operation of law and contracts discharged due to acts of the parties? Discharge due to acts of the parties never requires court intervention, whereas discharge due to operation of law always does. Discharge due to operation of law reflects at least one party's intent, whereas discharge due to acts of the parties doesn't necessarily reflect either party's intent. Discharge due to acts of the parties is legally binding, whereas discharge due to operation of law is not. Discharge due to operation of law doesn't necessarily reflect either party's intent, whereas discharge due to acts of the parties reflects at least one party's intent. 11 XIR Submit > 17What are assignments of contracts and what rights and obligations do they confer?
- WHAT IS THE MEANING OF THE OBJECTIVE THEORY OF CONTRACTS AND HOW DOES THE OBJECTIVE THEORY OF CONTRACTS RELATE TO CONTRACTUAL INTENT?In relation to Consideration select the CORRECT statement:Select one:To be valid, the agreed price and the goods sold, must be of equal value.Consideration can be vague or illusory as long as it was communicated to the other partyConsideration is the exchange of something of value (a thing, a promise, money etc), given in return for something else of value (a thing, a promise, money etc)Consideration is not necessary to form a legally binding contractTo be valid, Consideration must involve payment of money, in return for something of value.Which of the following is true of a severable contract? Multiple Choice It must be enforced or rejected in its entirety. It contains multiple parts that need to be performed collectively. It has both legal and illegal portions in the contract. It needs complete performance by both parties.
- What is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. OB) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.Have you ever agreed to a waiver of liability and assumption of risk? If so, what was the context? Was it express or implied? Considering what you know about exculpatory clauses and assumption of risk, do you think it was appropriate (given the context)? Was it necessary?PLEASE WRITE AN EXAMPLE OF A VOID CONTRACT (ANYTHING THAT IS VOID). IT SHOULD BE A ONE PAGE CONTRACT.