18 Questions
What type of contract is made by words spoken or written?
Express contract
Which type of contract is made otherwise than by words spoken or written?
Implied contract
When a contract has been fully performed by both parties, it is known as a(n) _____.
Executed contract
A contract that is binding on the parties but not fully executed is referred to as a(n) _____.
Executory contract
In which type of contract are the terms of the agreement implied from the conduct of the parties involved?
Implied contract
A contract created through actions or circumstances indicating mutual agreement could be classified as a(n) _____.
Quasi or constructive contract
In an executed contract, what happens when both parties fulfill their obligations?
The contract is considered completed
What distinguishes an executory contract from an executed contract?
One party fulfills their obligations in an executory contract
In a quasi or constructive contract, how do rights and obligations arise?
By operation of law
What distinguishes an express contract from an implied contract?
Express contracts involve clear, definite terms while implied contracts do not
What is a key characteristic of an implied contract?
It arises from the conduct of the parties
Quasi or constructive contracts differ from express contracts in that they...
Are imposed by law without explicit agreement
In a partly executed and partly executory contract, what can be said about the parties involved?
One party has fulfilled their obligation while the other party still has an obligation to perform
What is an example of an executed contract based on the provided text?
X offering to sell his car to Y for Php100,000 on credit of 1 month and Y accepts
What happens to a void contract?
It ceases to be enforceable by law
What characterizes a void agreement?
It is unenforceable by law from the time it is made
Which type of contract satisfies all the conditions prescribed by law?
Valid contract
What distinguishes a valid contract from a void contract?
A void contract ceases to be enforceable by law while a valid contract satisfies all legal conditions
Test your knowledge on the characteristics and types of contracts. This quiz covers essential qualities like mutuality and relativity of contracts, as well as different types of contracts based on creation such as express, implied, and quasi/constructive contracts.
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