5 Written questions
5 Matching questions
- Compensatory Damages
- Cost Conditions
- Objective Theory of Contracts
- a A theory under which the intent to form a contract will be judged by outward, objective facts (what the party said when entering into the contract, how the party acted or appeared, and the circumstances surrounding the transaction) as interpreted by a reasonable person, rather than by the party's own secret, subjective intentions.
- b a sum of money paid in compensation for loss or injury
- c (law) compensation for losses that can readily be proven to have occurred and for which the injured party has the right to be compensated
- d In some cases, if a project is not bid under a guaranteed amount by the designer, the fees will be reduced or eliminated
- e a visitor to whom hospitality is extended
5 Multiple choice questions
- A doctrine that says if a shareholder dominates a corporation and uses it for improper purposes, a court of equity can:
Disregard the corporate entity, and
Hold the shareholder personally liable for the corporation's debts and obligations
- Agent can be terminated at any time, unless contract explicitly states that agent cannot be terminated
- Breach of contract important enough to excuse the non-breaching party from performing any contractual obligations.
- both parties are mistaken about the main aspect of the contract (agree of selling of a car but in the meantime the car has been seriously vandalized)
- exchange of things of value
5 True/False questions
Interpretation Against Drafter → 1. General Rule: Ambiguity in contract terms must be construed most strongly against the party which drafted the contract
2. Policy: The rule's application rests on a public policy theory that the party who chose the word is more likely to have provided more carefully for the protection of her own interests, is more likely to have had reason to know of uncertainties, and may have even left the meaning deliberately obscure
3. Application: The rule is usually applied in cases involving an adhesion contract or where one party is in a stronger bargaining position, although it is not necessarily limited to those situations.
Parole Evidence Rule → Reckless conduct with strong probability of harm
Statutory Law → State law requires certain instruments, such as deeds, real estate sales contracts and certain leases, to be in writing to be legally enforceable
Burden of Proof → The obligation to present evidence to support one's claim
Payment Bond → A contract bond guaranteeing that the project will be free of liens.