Deck 1: Introduction

Question 1

Which of the following statements is true?

A) Unlike other European legal systems, English contract law is entirely made by the courts.
B) Where the rules of common law and equity clash, equity prevails.
C) Contract law consists of certain rule, principles and doctrines which dictate predictable outcomes when applied to the facts.

Answer 1

B

Question 2

Which of the following statements is false?

A) The promissory or will theories explain contractual liability as upholding the parties' voluntarily assumed obligations.
B) The reliance theory explains contractual liability as protecting those who rely on other's assumption of liability.
C) Economic efficiency theorists explain contractual liability as the best means towards wealth maximization.
D) On Raz's positive autonomy theory the law should support people in making worthwhile choices.

Answer 2

D

Question 3

Which of the following statements is true?

A) The Draft Common Frame of Reference is a codification of European contract law which is applicable to all cross-border transactions within the European Union.
B) English contract law must not contravene the European Convention for the Protection of Human Rights.
C) The general law of contract applies to all types of contracts.
D) In practice, business people always consult lawyers, agree well-drafted contracts and resort to the law when things go wrong.

Answer 3

B