DBIA Unofficial Practice Questions

So I am preparing for the DBIA exam, and decided to share my notes. I have no idea what is on the exam and I can be held responsible for the accuracy of the information posted on this blog, so please use caution if you plan on using my notes.

Question	Answer
What components are need to make a contract?	Offer, Acceptance, Consideration, Capacity, Authority
What is Consideration?	Value or money exchanged for performance
What is Capacity?	The parties entering the contract are legally able to do so, ie understand what they are signing
What is Authority?	The parties entering the contract are authorized to do so.
What is Course of Performance?	Performance defined in this contract.
What is Promissory Estoppel?	Protection to party who is dependent on someone to complete an action
What is Privity of Contract?	A third party cannot sue on a contract to which he or she was not a party.
What is Detrimental Reliance?	A rationale that one is making a promise and not fraud
What is Expectation Damages?	To award the non-breaching party what is reasonably expected from the contract
What is Rescission Damages?	If Expectation Damages were not available, courts will proceed was if contract had not existed
What is Specific Performance?	If the scope is unique, the court may order the the party to complete its obligation.
What is Quantum Meruit?	Court will help injured party if the other party is unjustly enriched (ie owners fail to inform a bidder that they are extremely too low).
What is Tort Law?	Remedy for someone wrongfully harmed.
What is Betterment?	An improvement on a property that needs to be paid for at least once.
Why is Mounds View vs Walijarvi important?	Professionals are expected exercise the same skill and judgement as other professionals.
What is the concept of Economic Loss Doctrine?	To try to make both parties healthy.

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