Law on Obligations and Contracts Study Guide Answers Chapter 2
As a student of law on obligations and contracts, you might find yourself needing additional assistance with understanding the concepts presented in Chapter 2. Fortunately, we have compiled a study guide that provides answers to commonly asked questions and offers insights into important topics covered in this section.
1. What is an obligation?
An obligation is a legal duty or responsibility that one party owes to another. It can arise from a contract, tort, or other legal relationship. Generally, an obligation involves the transfer of some benefit or the performance of some act that is required by law or agreement.
2. What are the elements of an obligation?
An obligation has three essential elements: the obligor, the obligee, and the object. The obligor is the party who owes the obligation, while the obligee is the party who is entitled to receive the benefit of the obligation. The object is the subject matter of the obligation, which may be a thing, an act, or a forbearance.
3. What is a contract?
A contract is a legally binding agreement between two or more parties that creates an obligation to perform a specific act or provide a specific benefit. A valid contract requires an offer, acceptance, and consideration, and must comply with applicable laws and regulations.
4. What is the difference between a unilateral and bilateral contract?
A unilateral contract is an agreement in which one party makes a promise in exchange for the other party`s performance. A bilateral contract, on the other hand, is an agreement in which both parties exchange promises to perform.
5. What is the difference between an express and implied contract?
An express contract is one in which the terms are explicitly stated, either orally or in writing. An implied contract, on the other hand, is one in which the terms are not expressly stated, but are inferred from the actions and conduct of the parties involved.
6. What is the difference between a void and voidable contract?
A void contract is one that is not legally enforceable and has no legal effect. A voidable contract, on the other hand, is one that is valid but can be voided by one party if certain conditions are met, such as fraud, duress, or undue influence.
7. What is the doctrine of promissory estoppel?
The doctrine of promissory estoppel is a legal principle that prevents a party from retracting a promise if the other party relied on that promise to their detriment. This applies even if the promise was not made in a formal contract.
In conclusion, the study of law on obligations and contracts can be complex, but having a solid understanding of key concepts is crucial for success in this field. By reviewing the information provided in this study guide, you will be better equipped to navigate Chapter 2 and prepare for your exams. Good luck in your studies!