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LWC1 STUDY PLAN
CONTRACTUAL RELATIONSHIPS

Chap Study Questions
-10
1. What is the definition of a contract? An agreement between two or more parties for the doing or not doing of something specified.
2. Describe the various types of contracts. 1) Bilateral and Unilateral
2) Express and Implied
3) Executory and Executed

3. Identify and describe the theories of recovery in contract law.
-17
1. What conditions would constitute a discharge of a contract? 1) Material breach
2) Minor breach
3) Anticipatory breach
4) Mutual Rescission
5) Accord/Satisfaction

2. Describe the conditions for a discharge of a contractual obligation.
Full performance: the parties do what they promise. Agreement: termination by mutual agreement.
3. Describe types of acceptable performance of a contract. Strict and substantial performance. Strict: requires one party to perform its duties perfectly. Substantial: generally sufficient to entitle the promisor the contract price, minus the cost of defects in the work.
4. What constitutes a breach of a contract? An unjustifiable failure to perform all or some part of a contractual duty without a valid excuse.
-18
1. What is the definition of remedies? Methods the courts use to compensate an injured party
2. Describe the various types of remedies in contracts.
3. Identify and describe the theories of recovery in contract law
General Questions
1. What is the point at which a legal agreement is said to have occurred?
2. What is the difference between an enforceable, unenforceable, express and implied contract?
3. Describe a situation where a breech of contract has occurred.
4. If there is a breech of contract, what remedies are available?
Key Topics
1. Types of Contracts
2. Breech of Contracts
3. Remedies for Breech of Contracts

GOVERNMENT REGULATION OF BUSINESS

Chap Study Questions
39
1. What are the Sherman and Clayton Antitrust Acts?
2. Describe the key provisions of the Sherman
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