Exam 13: Practical Contracts

Some contracting parties are intentionally vague in contract terms.

Any ambiguity in a contract is interpreted against the party who drafted the contract.

The legal term for a promise in a contract is "provision."

Marsha and Antonio make a contract in which Marsha agrees to sell Antonio an expensive and rare piece of art. In the contract, Marsha states that she has the authority to enter into an agreement with Antonio, that she owns the piece of art, and that the art is authentic and not a forgery. These statements are examples of

Define and compare the terms "vagueness" and "ambiguity."

Bob, a house painter, contracts with Ollie to paint a rental house that Ollie owns. Bob hires Rob to take his place as the painter on this contract. What has Bob done?

If the subject of the contract includes issues that may be controversial or "touchy," it is best to

What is a force majeure event?

Standard provisions in a contract that are often listed under the heading "Miscellaneous" are called

Lawyers prefer to negotiate touchy subjects as they arise rather than address them at the beginning of a relationship.

"Scrivener's error" is another (fancier)name for a typo.

An agreement should definitely be in writing if you do not have an ongoing relationship with the other party.

Which of the following is a standard provision frequently found in contracts?

It is unethical to use your lawyer as an excuse for a provision of a contract, such as, "My lawyer insists that I have a liquidated damages clause..."