What is forfeiture? The party breaching a contract to enter into an alternative
ID: 427899 • Letter: W
Question
What is forfeiture?
The party breaching a contract to enter into an alternative contract.
The party breaching a contract to give up a consideration.
The party suffering the breach having the right to sue the breaching party.
The party suffering the breach seizing property from the breaching party.
What is the statute of limitations?
A set period of time during which an injured party can rescind a contract
A limit on the amount of damages an injured party can claim.
A clause allowing either party in a contract to withdraw within a certain period.
A time limit in which to complete and sign a contract.
Explanation / Answer
Q1) Forfeiture means -
The party breaching a contract to give up a consideration.
Forfeiture is the forfeit of a consideration while breaching a contract.
Q2) Statute of limitations is -
A clause allowing either party in a contract to withdraw within a certain period.
Statute of limitations provide a time period within which either of the party can withdraw form the contract.
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