An Obligation That Involves an Existing Condition for Which the Outcome

question 63

Short Answer

An obligation that involves an existing condition for which the outcome is NOT known with certainty and depends upon some event that will occur in the future is called a(n)____________________.

Comprehend the differences between guarantees and indemnities and their significance in contract law.

Identify the conditions under which contracts can be voided due to illegality or inability to enforce.

Grasp the concept of restraint of trade and how it applies to contract agreements.

Understand the implications of not having a written agreement and how courts handle unenforceable contracts.

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Definitions:

Overall Mood

The general emotional tone or attitude encompassing how an individual or group feels at a given time.

Individual

Pertains to a single person or entity, distinct from others in a group or category.

Group

Two or more people who interact, share common goals, have unspoken or formal rules or norms, maintain stable role relationships, and form subgroups.

Attitudes

Mental and emotional entities that predispose us to respond in a particular way to objects, people, and events.