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.
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- 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?If the delivery term in the parties’ contract for the sale of goods is FOB the place at what the goods originated, absent any other agreement, the buyer is responsible for making reasonable arrangements for the goods to be shipped. true or falseContracts are meant to be broken. What happens when you breach a contract? Find a case and explain what went wrong with the contractual situation, what was the outcome and the remedy. Did the Parties need to mitigate damages? How would you have handled the situation to avoid the outcome of breach? Are you in agreement with the outcome? Why? Remember to cite the case name and give us a factual background as to what happened.
- Conditions precedent Multiple Choice Render a contract frustrated Render a contract void at the option of the injured party Must occur before a contract can be cancelled Must occur before a contract is enforceable Render a contract void immediatelyWHAT IS THE MEANING OF THE OBJECTIVE THEORY OF CONTRACTS AND HOW DOES THE OBJECTIVE THEORY OF CONTRACTS RELATE TO CONTRACTUAL INTENT?What risks do buyers associate with each of the different types of contracts (fixed-price, incentive, or costs contracts)?
- Explain the concept of contract law. What are the essential elements of a contract, and what types of contracts are enforceable? What remedies are available for breach of contract, and what steps can a business take to minimize its liability for breach of contract?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.Identify FOUR (4) ways to terminate a contract, esplain it briefly and include examples
- Discuss the relevance and importance of a contractual relationship. Identify the various types of contracts that are required to be in writing.Parties to a contract ('the Pre-existing Contract) may terminate the contract by entering a further contract, which discharges the Pre-existing Contract. Group of answer choices True FalseWhat is the legal definition of a contract and what elements are necessary for a contract to be valid and enforceable?