12 Questions
Which term describes an agreement that is unclear and lacks mutuality?
Illusory promise
What type of contract explicitly states all necessary terms and conditions by both parties?
Express 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?
Express contract
In a contract, what occurs when one party breaks or breaches the terms of the agreement?
Breach of contract
What is the Old French word 'contract' derived from?
'Draw together'
What must a contract contain to be legally binding, according to the information provided?
'Lack of mutuality'
What is the primary purpose of contract law?
To enforce the terms of a contract and determine if a breach has occurred
Which of the following is NOT a type of contract as defined in the text?
Unilateral contract
What is required for a contract to be lawful and enforceable?
Consideration must be exchanged between the parties
If a contract is broken, what can the injured party do according to the text?
Turn the contract over to a court for enforcement
What is the definition of a contract according to the text?
A legally binding agreement between two parties to exchange goods or services
What are the three types of contracts mentioned in the text?
Express, implied in fact, and implied in law
This quiz covers the definition of contracts, different types of contract law, common terms in contracts, and examples of contract law. Learn about express, implied in fact, and implied in law contracts as well as the enforcement and validity of contracts under contract law.
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