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</p> Signup and view all the answers

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

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

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