Question

41. Contracts exist to make business matters more predictable.
    1. True
    2. False
42. According to commonly understood contract principles, consideration means:
    1. A forbearance to contract
    2. That there must be a bargaining that leads to an exchange between the parties
    3. Something of value is given for something else of value – such as a gift
    4. None of the above
43. The Statute of Frauds requires:

1. That parties promise not to commit fraud
2. That the contracting parties give legal consent, absent coercion
3. A misrepresentation of a material fact
4. That certain contracts be in writing in order to be enforceable

44. _____________ damages are intended to punish a Defendant in a civil lawsuit. 8

1. Punitive
2. General
3. Compensatory
4. Medieval

45. _____________ damages are intended to compensate a plaintiff for their pain and suffering in a civil lawsuit.

1. Ancillary
2. Compensatory
3. Medieval
4. Punitive

Answer 1

1) Contracts exist to make business matters more predictable.

TRUE

• The parties in the contract have an agreement to work with a mutual understanding. The parties work according to the agreement which makes the business matters more predictable in the contracts.

2) According to commonly understood contract principles, consideration means:

Option B

• That there must be bargaining that leads to an exchange between the parties
• Consideration is an exchange of value. There will be bargaining by the parties where it will end up in one party agrees to give up or do something in return for the second party doing the same.

3) The Statute of Frauds requires:

Option D

• That certain contracts be in writing in order to be enforceable.
• This is because anything which is just oral is not a valid proof or unenforceable. To be the law to be enforcible, there must be a written contract.

4) _____________ damages are intended to punish a Defendant in a civil lawsuit. 8

Option A

• Punitive damages are intended to punish a Defendant in a civil lawsuit.
• The punitive damages are most difficult damages to occur and the defendant is supposed to be punished for the worst act of damage.

5) _____________ damages are intended to compensate a plaintiff for their pain and suffering in a civil lawsuit.

Option B

• Compensatory damages are intended to compensate a plaintiff for their pain and suffering in a civil lawsuit.
• These damages occur when there is damaged caused to properties, medical damages, moral damages, lost income and so on.

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