Why is Covenants and Rights an important section of a contract?

It's a promise not to take actions that would interfere with the agreement.

In a contract, what is capacity?

The ability to consent to signing a contract.

What would be an example of a definition in a contract?

Toy: refers to any item that Toys R Us sells

In a contract, what are representations?

The promise or guarantee that the facts listed in a contract are true.

In a contract, what is the warranty?

What will happen should any of the facts listed in representations be false

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Contracts Quiz

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SYEP 2021 - Project-Based Learning Elements of a Contract, Components of a Written Contract

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Questions 13

Answers

1
Which of the following is an element of a contract?
Consideration
Acceptance
Legality
All of the above.
2
Bonus: What is the common nickname for General Provisions?
Proverb
Miscellaneous Section
Fireplace
Boilerplate
3
Why is Covenants and Rights an important section of a contract?
It introduces the contract, including the names of the involved parties.
It's a promise not to take actions that would interfere with the agreement.
It's a promise not to destroy the physical contract.
It's where the parties sign, legally binding themselves to the contract.
4
In a contract, what is capacity?
The maximum number of words the contract can have.
The amount of fluid a container can hold.
The maximum number of people that can be involved in a contract.
The ability to consent to signing a contract.
5
What would be an example of a definition in a contract?
Toy: refers to any item that Toys R Us sells
Toys R Us: In 2004, they sued Amazon
Toys R Us will pay Amazon 50 million dollars each year, plus a % of sales
Amazon cannot sell toys from toy vendors aside from Toys R Us on their site
6
What can go in the General Provisions section of a contract?
C. The warranty, but in more detail
B. How the parties should be contacting each other
D. Both A & B
A. Who is responsible for paying the legal fees of both parties
7
Why is Remedies an important section of a contract, especially when the contract is broken?
Can suggest the type of punishment for the party that broke the contract
All of the above.
Can serve to peacefully resolve conflict between the parties
Can include the compensation for the party who did not break the contract
8
Which of the following is necessary for a contract to exist?
Money
An offer
A business partner
Signatures
9
Who is legally bound to a contract they signed? Or in other words, who has the capacity to sign a contract?
An intoxicated (drunk) person.
A person with a severe mental disability.
Elon Musk
A minor.
10
In a contract, what are representations?
The designated way parties involved in a contract will contact each other.
The new product sometimes sent to replace an old product.
The promise or guarantee that the facts listed in a contract are true.
The section in a contract where parties involved in the contract will sign.
11
In a contract, what is the warranty?
The section where miscellaneous obligations go
What will happen should any of the facts listed in representations be false
The section promising not to take conflicting action against other parties
The new product sometimes sent to replace an old product
12
Fill in the blank:
Acceptance
Consideration
Legality
Mutuality
13
What is usually the chronologically first section of a contract?
Definitions
Signatures
Preamble
Action

Contracts Quiz Flashcards | StudBud