Contract facts & stats

Question 1

What does NDA stand for?

Accepted Answer

Non-Disclosure Agreement. A non-disclosure agreement is a contract in which parties agree to keep certain information confidential.

Question 2

What is a person who signs a contract or treaty called?

Accepted Answer

A signatory. A signatory is a party that has signed an agreement and is bound by it.

Question 3

In common law, contract formation requires offer, acceptance and what else, meaning something of value exchanged?

Accepted Answer

Consideration. Consideration is the value each side gives, such as money, goods or a promise, in exchange for the other's.

Question 4

What does a 'force majeure' clause deal with?

Accepted Answer

Extraordinary events beyond the parties' control. A force majeure clause covers events like natural disasters that can excuse a party from performing.

Question 5

The Code of Hammurabi, which includes early rules on trade and contracts, comes from which ancient civilization?

Accepted Answer

Babylon. The Code of Hammurabi was issued by the Babylonian king Hammurabi in the 18th century BCE.

Question 6

England's Statute of Frauds, requiring certain contracts to be in writing, was passed in which year?

Accepted Answer

1677. The Statute of Frauds of 1677 required contracts such as land sales to be written and signed.

Question 7

A public poster offering a reward to anyone who finds a lost pet is a classic example of what kind of contract offer?

Accepted Answer

Unilateral. A unilateral offer is accepted by performing the act, such as returning the pet, not by promising to do it.

Contract facts & stats

The basics