Identify the correct statement about contracts.
A)Generally speaking,contracts are a form of public law.
B)A contract represents mutual assent to a bargained-for exchange between parties.
C)Universally,people disagree that breaching a contract carries ethical implications.
D)When a legally enforceable contract is breached,the injured party cannot seek damages.
E)All contracts are legally unenforceable promises.

Question

Quizplus · Accepted Answer

A contract represents a mutual agreement between parties to exchange something of value, and both parties must give their consent for the contract to be legally binding. Contracts fall under the jurisdiction of private law, not public law. Breaching a contract can carry ethical and legal implications, and the injured party can seek damages for the breach. Lastly, not all promises are contracts, as a contract requires consideration, which is something of value exchanged between parties.

Identify the Correct Statement About Contracts