Question 1

An agreement between two parties to perform an illegal act is a quasi-contract.

Accepted Answer

A quasi-contract is a legal concept where the court enforces a contract-like obligation on parties to prevent unjust enrichment, even though no actual agreement exists between them. It does not involve agreements to perform illegal acts.

Question 2

There is no difference between a void contract and an unenforceable contract.

Accepted Answer

A void contract is one that is not legally valid from the beginning and has no legal effect, whereas an unenforceable contract is one that may have been valid at one time but cannot be enforced in a court of law due to certain legal defenses.

Question 3

An executory contract is defined as:&#10;A)a contract that may be set aside or avoided by one of the parties.&#10;B)a contract where the terms of the agreement are specified in words.&#10;C)a contract that is required to be created in a special form or manner of creation.&#10;D)a contract in which the terms have not been fully carried out by all parties.

Accepted Answer

An executory contract is one where the terms and obligations of the contract have not yet been fully performed or completed by all involved parties. This means that there are still actions or performances that are required from one or more parties to fulfill the terms of the contract.

Question 4

The failure of a party to perform the obligations assumed under a contract is known as a(n): &#8203;&#10;A)intrinsic fraud.&#10;B)misrepresentation&#10;C)negative pledge.&#10;D)breach of contract.

Accepted Answer

A breach of contract occurs when one party fails to fulfill their obligations under the contract.

Question 5

One may have rights and obligations imposed by law even when no real contract exists.

Accepted Answer

This can occur through legal concepts such as quasi-contracts or implied contracts, where the law imposes obligations to prevent unjust enrichment or for other policy reasons, even in the absence of a formal agreement.

Question 6

When a contract is required to be sealed, a substitute for an actual seal may be used.

Accepted Answer

A substitute for an actual seal, such as the word "seal" or an abbreviation (e.g., "L.S." for locus sigilli), can be used and is legally recognized as fulfilling the requirement for a contract to be sealed.

Question 7

Which of the following is true of quasi-contracts?&#10;A)It is an unenforceable contract.&#10;B)It generally offends ethical principles.&#10;C)It is always formed by an adult with a minor.&#10;D)It prevents the unjust enrichment of a party.

Accepted Answer

Quasi-contracts are not actual contracts but are legal obligations imposed by law to prevent unjust enrichment of a party. They are created by courts to ensure fairness and equity, even though no formal contract exists between the parties involved.

Question 8

What is a contract? What are the five definite requirements that every contract must fulfill? &#8203;

Accepted Answer

The answer of What is a contract? What are the...

Question 9

Judy promises to pay Ashley $50 to babysit her children. After Ashley babysits the children, Judy pays Ashley the $50; thus each party has completed performance of each part of the contract. This is an example of a(n):

A)executed contract.
B)executory contract.
C)quasi-contract.
D)recognizance .

Accepted Answer

An executed contract is one in which both parties have fulfilled their contractual obligations, as illustrated by Judy paying Ashley after the babysitting services were provided.

Question 10

&#8203; The promise or obligation of each party to a contract must be supported by consideration in order for the contract to be valid.

Accepted Answer

Consideration is a fundamental concept in contract law that refers to something of value (such as goods, services, money, or a promise) that each party agrees to give or do in exchange for the other party's promise or action, making the contract legally binding and enforceable.

Question 11

Most business people prefer making oral contracts regarding matters of great importance.

Accepted Answer

The answer of Most business people prefer making oral contracts...

Question 12

A contract for the sale of goods is governed by the Uniform Commercial Code.

Accepted Answer

The answer of A contract for the sale of goods...

Question 13

Which of the following is not a true contract and has been imposed by law in order to prevent one party benefiting unfairly at another's expense?&#10;A)A voidable contract&#10;B)An informal contract&#10;C)A quasicontract&#10;D)A unilateral contract

Accepted Answer

The answer of Which of the following is not a...

Question 14

The law states that a unilateral contract can be formed when performance is started.

Accepted Answer

The answer of The law states that a unilateral contract...

Question 15

What is the difference between an agreement and a contract?&#10;A)An agreement results whenever two people's minds meet on a subject, but a contract only exists when the parties intend to be legally obligated by the terms of the agreement.&#10;B)An agreement must be put in writing, whereas a contract may be made orally.&#10;C)An agreement is binding for a shorter period of time than a formal contract.&#10;D)An agreement may be made for an unlawful purpose, whereas a contract must be made for a lawful purpose.

Accepted Answer

The answer of What is the difference between an agreement...

Question 16

Which of the following best describes the term &#34;recognizance&#34;?&#10;A)It refers to the conditions of a formal or simple contract that an adult signs with a minor.&#10;B)It refers to the obligations that people enter into before a court to do an act required by law.&#10;C)It refers to the penalties that a party faces if the party fails to honor the obligations of a contract.&#10;D)It refers to negotiable instruments such as checks, notes, drafts, and certificates of deposit.

Accepted Answer

The answer of Which of the following best describes the...

Question 17

All agreements are contracts.

Accepted Answer

The answer of All agreements are contracts....

Question 18

An enforceable contract is made by an adult with a minor. Which of the following is most likely to hold true in this case?&#10;A)The contract is enforceable against the adult but not against the minor.&#10;B)The contract is enforceable against the minor but not against the adult.&#10;C)The contract is not enforceable against either of the parties until the minor attains a majority.&#10;D)The contract is enforceable against the adult only if the minor ratifies the contract.

Accepted Answer

The answer of An enforceable contract is made by an...

Question 19

The legal term for one party benefiting unfairly at the expense of another is unjust enrichment.

Accepted Answer

The answer of The legal term for one party benefiting...

Question 20

A contract must be in a special form or be created in a certain way.&#10;A)formal&#10;B)implied&#10;C)sealed&#10;D)simple

Accepted Answer

The answer of A contract must be in a special...

Deck 5: Nature and Classes of Contracts