Flashcards on Business Contracts and Commercial Obligations
Business Contracts and Commercial Obligations: A Student Guide
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Contract Law
55 cards
Card 1
Question: What is a business relationship in contract law?
Answer: An obligation relationship between business entities (creditor and debtor) where the creditor has a right to payment (receivable) and the debtor has a
Card 2
Question: What is the difference between absolute and relative business contracts?
Answer: Absolute contracts are always regulated by the Commercial Code regardless of parties (e.g., credit agreement, silent partnership). Relative contracts
Card 3
Question: How are contracts typically concluded?
Answer: By negotiation (proposal, acceptance, writing the contract) or public tender where conditions are announced, candidates submit proposals, and the most
Card 4
Question: What is an agreement about a future contract (letter of intent)?
Answer: An agreement where parties commit to conclude a contract in the future, agreeing on terms; a party who withdraws may have to pay a severance penalty (
Card 5
Question: Where must a debtor fulfil their obligation if the place is not specified in the contract?
Answer: At the place where the seller or buyer has their residence.
Card 6
Question: When must a debtor fulfil their obligation if time is not specified in the contract?
Answer: As soon as possible after conclusion of the contract.
Card 7
Question: What happens if a debtor does not pay on time?
Answer: They must pay a fine for delay or interest on arrears (úrok z omeškania) as stated in the contract; if not stated, interest is determined according to
Card 8
Question: What is limitation of obligation (premlčanie záväzku)?
Answer: If a creditor does not exercise rights within the limitation period (premlčacia doba), the receivable disappears; basic limitation period under the Co
Card 9
Question: What is the effect of forfeiture of an obligation?
Answer: The obligation itself does not disappear and the debtor may pay voluntarily, but the creditor loses the right to enforce the obligation in court.
Card 10
Question: How can an obligation be terminated?
Answer: By fulfilment (payment on time) or otherwise by unilateral acts (resignation, severance penalty, notice), agreement of parties, or other legal facts (