Contract Characteristics and Classification Quiz
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Questions and Answers

What type of contract is made by words spoken or written?

  • Implied contract
  • Executed contract
  • Quasi or constructive contract
  • Express contract (correct)

    • Which type of contract is made otherwise than by words spoken or written?

  • Executed contract
  • Implied contract (correct)
  • Express contract
  • Quasi or constructive contract

    • When a contract has been fully performed by both parties, it is known as a(n) _____.

  • Quasi or constructive contract
  • Executory contract
  • Executed contract (correct)
  • Implied contract

    • A contract that is binding on the parties but not fully executed is referred to as a(n) _____.

    <p>Executory contract</p> Signup and view all the answers

    In which type of contract are the terms of the agreement implied from the conduct of the parties involved?

    <p>Implied contract</p> Signup and view all the answers

    A contract created through actions or circumstances indicating mutual agreement could be classified as a(n) _____.

    <p>Quasi or constructive contract</p> Signup and view all the answers

    In an executed contract, what happens when both parties fulfill their obligations?

    <p>The contract is considered completed</p> Signup and view all the answers

    What distinguishes an executory contract from an executed contract?

    <p>One party fulfills their obligations in an executory contract</p> Signup and view all the answers

    In a quasi or constructive contract, how do rights and obligations arise?

    <p>By operation of law</p> Signup and view all the answers

    What distinguishes an express contract from an implied contract?

    <p>Express contracts involve clear, definite terms while implied contracts do not</p> Signup and view all the answers

    What is a key characteristic of an implied contract?

    <p>It arises from the conduct of the parties</p> Signup and view all the answers

    Quasi or constructive contracts differ from express contracts in that they...

    <p>Are imposed by law without explicit agreement</p> Signup and view all the answers

    In a partly executed and partly executory contract, what can be said about the parties involved?

    <p>One party has fulfilled their obligation while the other party still has an obligation to perform</p> Signup and view all the answers

    What is an example of an executed contract based on the provided text?

    <p>X offering to sell his car to Y for Php100,000 on credit of 1 month and Y accepts</p> Signup and view all the answers

    What happens to a void contract?

    <p>It ceases to be enforceable by law</p> Signup and view all the answers

    What characterizes a void agreement?

    <p>It is unenforceable by law from the time it is made</p> Signup and view all the answers

    Which type of contract satisfies all the conditions prescribed by law?

    <p>Valid contract</p> Signup and view all the answers

    What distinguishes a valid contract from a void contract?

    <p>A void contract ceases to be enforceable by law while a valid contract satisfies all legal conditions</p> Signup and view all the answers

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