Question 1

A quasi contract is an ____________ contract. &#8203;&#10;A)implied in law&#10;B)implied in fact&#10;C)illegal&#10;D)informal

Accepted Answer

A quasi contract is an implied in law contract, also known as a constructive contract. It is a fictional contract created by the court to prevent one party from unjustly benefiting from another party's actions or property. Quasi contracts are not based on mutual agreement or intent, but rather on the law's need to prevent unjust enrichment.

Question 2

The person that makes the offer is called the&#10;A)offeree.&#10;B)offeror.&#10;C)promisee.&#10;D)acceptor.

Accepted Answer

The person who makes the offer is called the offeror. The offeree is the person who receives the offer, the promisee is the person to whom the promise is made, and the acceptor is the person who agrees to the offer.

Question 3

All contracts must be&#10;A)archaic.&#10;B)legal.&#10;C)in writing.&#10;D)signed by the parties.

Accepted Answer

Contracts are legally binding agreements between two or more parties. They must be legal in order to be enforceable.

Question 4

Consideration can be&#10;A)money.&#10;B)property.&#10;C)services.&#10;D)all of the above.

Accepted Answer

Consideration is the something of value that each party gives to the other in a contract. Money, property, and services are all examples of consideration, so the correct choice is D.

Question 5

Implied in fact contracts are inferred from the facts and circumstances surrounding the contract.

Accepted Answer

Implied in fact contracts are not explicitly stated, but rather inferred from the circumstances and behavior of the parties involved.

Question 6

To have a binding contract, which of the following is a necessary element?&#10;A)Mutual assent&#10;B)Capacity&#10;C)Both a and b&#10;D)None of the above

Accepted Answer

Both mutual assent (the agreement of both parties to the terms of the contract) and capacity (the legal ability of both parties to enter into the contract) are necessary elements for a binding contract. Without one or both of these elements, the contract may not be enforceable.

Question 7

The person who makes the promise is the promisee.

Accepted Answer

The person who makes the promise is the promisor, not the promisee. The promisee is the person who is receiving the promise.

Question 8

A distinguishing characteristic of bilateral and unilateral contracts is the method of exchange between the parties.

Accepted Answer

The answer of A distinguishing characteristic of bilateral and unilateral...

Question 9

An executory contract is a fully performed contract.

Accepted Answer

An executory contract is a contract where one or more parties has not yet fulfilled their obligation or performance under the contract. Therefore, it is not a fully performed contract.

Question 10

A void contract is one that may be avoided by one of the parties to the contract.

Accepted Answer

A void contract is one that is not legally enforceable from the beginning, meaning no party can enforce it.

Question 11

A formal contract may require which of the following? &#8203;&#10;A)Seal&#10;B)Signatures&#10;C)All of the above&#10;D)None of the above

Accepted Answer

The answer of A formal contract may require which of...

Question 12

The statute that requires contracts to be in writing is which of the following?&#10;A)The statute of limitations&#10;B)The statute of frauds&#10;C)UCITA&#10;D)None of the above

Accepted Answer

The answer of The statute that requires contracts to be...

Question 13

Consideration is a necessary element in a contract.

Accepted Answer

The answer of Consideration is a necessary element in a...

Question 14

An informal contract may be oral or written.

Accepted Answer

The answer of An informal contract may be oral or...

Question 15

Which of the following is not an element of a contract?&#10;A)Signature&#10;B)Legality&#10;C)Offer&#10;D)Consideration

Accepted Answer

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

Question 16

All contracts must be express and executed to be valid and binding on the parties.

Accepted Answer

The answer of All contracts must be express and executed...

Question 17

An express contract is one that is specifically stated.

Accepted Answer

The answer of An express contract is one that is...

Question 18

A contract that has no legal effect is &#8203;&#10;A)Formal.&#10;B)Voidable.&#10;C)Valid.&#10;D)Void.

Accepted Answer

The answer of A contract that has no legal effect...

Question 19

All contracts must have a formal seal to be legal and binding.

Accepted Answer

The answer of All contracts must have a formal seal...

Question 20

A contract where there is an exchange of promises between the parties is &#8203;&#10;A)unilateral.&#10;B)bilateral.&#10;C)all of the above.&#10;D)none of the above.

Accepted Answer

The answer of A contract where there is an exchange...

Question 21

Match between columns&#10;                        Premises: The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The legal ability to enter into a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;The person making the promise in a contract. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract where the act of performing is the acceptance. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that promotes fairness and justice. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A contract that has no legal effect. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A fully performed contract. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;A contract that is specifically stated. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;The person to whom the promise is made. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;An agreement between parties for value that is legally enforceable. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements. &#10;A contract that has all the necessary elements.

Accepted Answer

The Answer of valid contract and contract and quasi contract is...

Deck 2: Contract Basics: an Overview