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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?

Breach of contract (D) Signup and view all the answers

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

'Draw together' (B) Signup and view all the answers

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

'Lack of mutuality' (B) Signup and view all the answers

What is the primary purpose of contract law?

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

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

Unilateral contract (C) Signup and view all the answers

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

Consideration must be exchanged between the parties (B) Signup and view all the answers

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

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

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

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

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

Express, implied in fact, and implied in law (D) Signup and view all the answers

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