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    Defining and Understanding Of Contract Terms

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    1. What is social contract theory
    2. What is rational ethics
    3. What are the arguments supporting social responsibility
    4. How does the principle of stare decisis provide stability to our legal system
    5. What is the role of statutory law in the legal system.
    6. What is the difference between a tort and a crime
    7. What remedies are available in tort law
    8. What is the nature of privity in contract law
    9. What is the difference between an express and an implied contract
    10. What is the difference between the acceptance of an offer in a unilaterial contract and the acceptance of an offer in a bilaterial contract
    11. What is mutual assent
    12. What 5 elements must be proved to establish that contract is defective because of fraud
    13. What is the nature of physical and emotional duress
    14. What is the general definition of capacity to contract
    15. What is the legal effect of contracts made by persons who are intoxicated or drugged
    16. Can a promise not to sue be consideration
    17. What are the possibilities when a disputed amount occurs in contract law
    18. What is the rationale behind usury laws
    19. What abuses did the statute of frauds attempt to eliminate.
    20. What is the best evidence rule

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    Solution Preview

    1. What is social contract theory
    http://www.politicalphilosophy.info/socialcontracttheory.html

    2. What is rational ethics
    Rational ethics refer as a system that allows you to choose between different values by a method of comparison. The key to rational ethics is to have a single standard of value. A standard of value is just a standard of evaluation that you use to weigh the different possible values. It has to be something that every possible value can be weighed against, and so you can pick between them. Different systems of ethics will have different standards by which they make the comparisons, leading to different results.
    http://objectivism101.com/Lectures/Lecture31.shtml

    3. What are the arguments supporting social responsibility
    One argument supporting social responsibility suggests that business can create a favorable public image by pursuing social goals.

    4. How does the principle of stare decisis provide stability to our legal system
    http://www.nonpublication.com/bullet/stare.html

    5. What is the role of statutory law in the legal system.
    Statutory laws are those made by the government of a country. There are several reasons to issue these types of law: to meet citizens needs, to formalize existing law or resolve an outstanding issue that the courts refer to the government. The government has a clear role in determining the laws and punishments that are appropriate for their country.
    http://www.wisegeek.com/what-is-the-difference-between-common-law-and-statutory-law.htm

    6. What is the difference between a tort and a crime
    http://torts.uslegal.com/tort-vs-crime/

    7. What remedies are available in tort law
    Remedies for tortious acts include money damages and injunctions (court orders compelling or forbidding particular conduct). Tortfeasors are subject to neither fine nor incarceration in civil court.
    http://legal-dictionary.thefreedictionary.com/Tort+Law

    8. What is the nature of privity in contract law
    The doctrine of privity of ...

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