Question

Jess has agreed to purchase a house on 11th Street by July 2020 but only if she is able to sell her house on 15th Street by June 2020. This term is called a:

express condition

concurrent condition

condition subsequent

anticipatory condition

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In the United States, sources of law include:

Executive orders

laws passed by a state legislature

international common law

the U.S. Constitution

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The main purpose of contract remedies is to put the party who is not at fault in the same position they would have been in had the contract not been breached.

True/False

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Delaware is the most popular state to incorporate in because of:

favorable tax climate, including no sales tax

a specialized court for business disputes called the Court of Chancery

low incorporation fees

all of the above

Answer 1

1. Option C is correct. A condition subsequent may be either an event or a state of affairs that must either (1) occur or (2) fail to continue to occur. An example of the first, a condition that must occur to bring an end to something else:

2. Option C is correct. In the United States today, chief executives (the president and the various governors) can issue executive orders that have the effect of law.

3. True. Its purpose is to compensate the non-breaching party for the losses suffered—to put the non-breaching party in the position he, she, or it would have been in had there been no breach.

4. Option C is correct. Delaware is a favorable tax climate: There is no sales tax in Delaware. There is no state corporate income tax in Delaware on goods or services provided by Delaware. Legal costs can be much lower in Delaware. It has become known as the most corporate-friendly state in the country, it has become one of the most desirable states to incorporate in. It has a special court, the Court of Chancery, to rule on corporate law disputes without juries.