A Contract in Which Each Component of the Contract Is

question 21

Multiple Choice

A contract in which each component of the contract is dependent on every other component is called:

• A) a divisible contract.
• B) an entire contract.
• C) a severable contract.
• D) a voidable contract.

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Definitions:

Specific Performance

A legal remedy in contracts law requiring a party to perform their part of the contract, rather than simply paying damages for failing to do so.

Equitable Remedy

An equitable remedy is a judicial order enforcing a party to act or refrain from acting in a certain way, typically used when monetary damages are inadequate to resolve the harm.

Exculpatory Clause

A part of a contractual agreement that releases one party from liability for any wrongdoings towards the other.

Liability Waiver

A document in which one party agrees to relinquish the right to pursue legal action against another party for potential losses or damages.