A Contract Is

question 7

Multiple Choice

A contract is:

• A) a binding agreement.
• B) an agreement creating an obligation.
• C) an agreement that creates enforceable duties and obligations.
• D) all of the above.

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Definitions:

Vicarious Liability

A legal principle that holds an individual or entity responsible for the actions of another person, usually within the context of an employment relationship.

Operation of Law

A situation where rights or responsibilities are transferred without the direct action of the parties, often through the effect of legal statutes or regulations.

Lapse of Time

Lapse of time refers to the expiration or running out of an established period, often resulting in the termination of a right or offer due to inaction within the specified timeframe.

Theory of Misrepresentation

A legal concept indicating that an agreement can be annulled if consent was obtained through false statements.