Sample exam III Flashcards
1
Q
What legal remedies could one party utilize to get out of a contract?
A
Mistake
Fraud
Breach of contract
Invalid offer
Invalid acceptane
No meeting of minds
2
Q
What are possible judgements a court could order if a party prevailed?
A
Financial rewards
Specific Performance
Mechanic’s lien
3
Q
No damages for delays clause, what could contractor do?
A
Negotiate
Not bid
Bid, hope for the best
4
Q
Why would you want to incorporate your company?
A
Limited liability
Perpetual life
Profits / losses under the business name
easier to raise capital through sale of shares
5
Q
Why do design-build contracts often require joint venture partnership?
A
Risk spread over parties
Increased financial capacity for bonding
Separate areas of expertise
6
Q
A
