Asked by Keaton O'Brien on Apr 26, 2024
Verified
Sales Corporation and Real Estate Inc. negotiate an agreement under which only one of the parties can elect to avoid any duty to perform or to ratify the deal. With respect to this arrangement as a contract, if ratified, both parties
A) are released.
B) must perform their respective legal obligations.
C) must renegotiate new or modified terms.
D) can seek its enforcement on the ground of unjust enrichment.
Unjust Enrichment
A legal principle stating one party should not be allowed to profit at another's expense without making restitution for the fair market value of any benefits received.
Legal Obligations
Duties enforced by law that a person or entity is required to fulfill.
Ratify
To officially approve or confirm, often used in the context of formalizing agreements or treaties.
- Comprehend the foundational concepts of contract interpretation and the significance of the intentions of the parties involved.
- Identify circumstances in which the enforceability of contracts might be compromised due to the terms of the agreement.
Verified Answer
LB
Lexie ButcherApr 28, 2024
Final Answer :
B
Explanation :
When a contract is ratified, especially in a situation where only one party has the option to avoid duty or ratify the deal, both parties are then bound to perform their respective legal obligations as outlined in the contract. This means they must fulfill the terms and conditions to which they agreed.
Learning Objectives
- Comprehend the foundational concepts of contract interpretation and the significance of the intentions of the parties involved.
- Identify circumstances in which the enforceability of contracts might be compromised due to the terms of the agreement.