the effect of the doctrine of privity of contract is that
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the effect of the doctrine of privity of contract is that
a. a person who is not a party to a contract cannot obtain benefits or rights under it
b. a unilateral contract is unenforceable against parties who have privity
c. parties to a contract are protectred by the law
d. a person can obtain rights under a contract for which he or she is not a party
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- Is there any exception to the rule that the particular motives of the parties in entering into a contract are different from the cause of the contract? If there is, what is it? Give examples.Explain whether the following statement is true: “Duress is an unlawful threat of harm or injury made by one contracting party or someone acting for thatparty and which causes the other party to enter into the contract. It results in no consensus betweenthe parties and a void contract.”Determine whether the statement is legally correct (true) or not (false). Even where the contract has not been reduced to the required form, it is still valid and binding as far as the parties are concerned
- Give examples of obligations or contracts which are contrary to law .Which Statements are TRUE regarding laws on obligations and contracts? 1. Freedom to contract means that the parties themselves determine the terms and conditions of their contract. 2. The only limitation of this freedom is that the terms and conditions should not be contrary to law. 3. Contracts are binding and effective only between the parties, their heirs and assigns. 4. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation. 5. A contract may contain some stipulations in favor of a third. 6. Such stipulation is called “stipulation pour artruy”. 7. A contract must bind both contracting parties. 8. A third person who induced a party to violate the contract shall be liable for damages to the other contracting party. 9. A mere expression of an opinion does not signify fraud. 10. Misrepresentation by a third person does not vitiate consent. 11. An acceptance of the offer may be express or implied. 12. A qualified acceptance is not really an…A contract that only one of the parties can enforce in a court is not valid. True False
- The duty owed under the mitigation of damages doctrine depends on the nature of the breached contract.What is one of the drawbacks of the parol evidence rule? It permits the acceptance of extrinsic evidence to determine the parties' intention. It is a basis for relieving parties from their contractual obligations. It results in contractual quantum meruit. It may prohibit parties from enforcing oral promises.A contract does not qualify for revenue recognition if Either party can unilaterally cancel the contract before performance without compensating the other party. The contract is wholly unperformed. Contract terms allow cancellation without penalty by either party at any time prior to delivery of the goods. Any one of these choices apply.
- Formalities in a contract can be self-imposed by the parties to a contract. Select one: True FalseExplain the purpose of damages as a remedy for breach of contract in our law. Also explain how damages are calculated.Under Article 2 of the UCC, even though one or more terms are left open a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy. O True O False
