Contract Law Overview

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Questions and Answers

Which term describes an agreement that is unclear and lacks mutuality?

  • Express contract
  • Illusory promise (correct)
  • Implied in-fact contract
  • Implied in-law contract

What type of contract explicitly states all necessary terms and conditions by both parties?

  • Implied in-fact contract
  • Implied in-law contract
  • Express contract (correct)
  • Oral contract

Which type of agreement is used daily in business law and explicitly states the length of the contract, amount owed, and consequences of breaching the agreement?

  • Implied in-fact contract
  • Oral contract
  • Implied in-law contract
  • Express contract (correct)

In a contract, what occurs when one party breaks or breaches the terms of the agreement?

<p>Breach of contract (D)</p> Signup and view all the answers

What is the Old French word 'contract' derived from?

<p>'Draw together' (B)</p> Signup and view all the answers

What must a contract contain to be legally binding, according to the information provided?

<p>'Lack of mutuality' (B)</p> Signup and view all the answers

What is the primary purpose of contract law?

<p>To enforce the terms of a contract and determine if a breach has occurred (C)</p> Signup and view all the answers

Which of the following is NOT a type of contract as defined in the text?

<p>Unilateral contract (C)</p> Signup and view all the answers

What is required for a contract to be lawful and enforceable?

<p>Consideration must be exchanged between the parties (B)</p> Signup and view all the answers

If a contract is broken, what can the injured party do according to the text?

<p>Turn the contract over to a court for enforcement (D)</p> Signup and view all the answers

What is the definition of a contract according to the text?

<p>A legally binding agreement between two parties to exchange goods or services (C)</p> Signup and view all the answers

What are the three types of contracts mentioned in the text?

<p>Express, implied in fact, and implied in law (D)</p> Signup and view all the answers

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