Lesson 7

Question 1

Explain the essentials for a binding contract

Answer 1

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Question 2

Describe the vendor’s and the salesperson’s obligation in representing premises that are for sale and the consequences of making misrepresentations

Answer 2

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Question 3

Explain the difference between “void”, “voidable” and “unenforceable” contracts

Answer 3

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Question 4

Describe the ways in which a contract can be terminated

Answer 4

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Question 5

Define and explain the use of conditions precedent

Answer 5

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Question 6

Explain the doctrine of privity of contract and how it interrelates with the right of a party to assign his or her rights under a contract

Answer 6

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Question 7

Describe and apply the remedies available to an innocent party where a breach of contract has occurred

Answer 7

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