A Contract Is Formed When Two Parties Promise to Perform

question 29

True/False

A contract is formed when two parties promise to perform a future act.

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Definitions:

Restrictive Covenant

A clause in a deed or lease that limits what the owner of the land or property can do with it.

Breach of Contract

Occurs when one party in a contractual agreement fails to fulfill their obligations as specified in the contract, entitling the other party to legal remedies.

Injunction

A court order requiring an individual or entity to do or cease doing a specific action.

Specific Performance

A legal remedy requiring a party to fulfill their obligations under a contract, as opposed to simply paying damages.