5 Questions
______ Contract: The conduct of the parties indicates that they consented to be bound. Example: Toni fills her car with gas at Tina’s gas station. There is a contract for the purchase and sale of gas.
Implied
______ Contract: The promises are communicated by language, either oral or written. Example: John promises to paint Dan’s car in return for Dan’s promise to pay him $100.
Express
______ Contract: A person accepts an offer by performing a requested act. The terms of the offer must clearly indicate that an act is required for acceptance. Example: John tells Dan that he will pay Dan $100 if Dan paints his car, and that Dan should show acceptance of the offer by the act of painting the car. Dan accepts by painting the car.
Unilateral
______. Contracts are agreements that the law will enforce. Contracts are individual, or private, rights and duties created by oral or written agreement and consent of the parties. Contracts may include obligations imposed by law even if the parties are not aware of those obligations.
What is a Contract
______ Contract law follows the dictates of common sense and fairness. After looking at all the facts and circumstances, you should answer the following questions: 1. Was there an agreement. 2. What did each party commit to do. 3. Did either party – or both – fail to do what he or she promised. 4. If yes, how do you measure the cost to the nonbreaching party.
CONTRACT LAW How to Approach Contract Law
Study Notes
Types of Contracts
- A contract is formed when the conduct of the parties indicates that they consented to be bound.
- Examples of contracts include purchasing gas at a gas station or agreeing to perform a service in exchange for payment.
Communication of Promises
- Contracts can be communicated through language, either oral or written.
- An example of this is when one party promises to perform a service in exchange for payment, and the other party promises to pay.
Acceptance of an Offer
- A person accepts an offer by performing a requested act, as long as the terms of the offer clearly indicate that an act is required for acceptance.
- An example of this is when one party offers to pay another party to perform a service, and the other party accepts by performing the service.
Characteristics of Contracts
- Contracts are agreements that the law will enforce.
- They are individual, or private, rights and duties created by oral or written agreement and consent of the parties.
- Contracts may include obligations imposed by law, even if the parties are not aware of those obligations.
Evaluating Contracts
- When evaluating a contract, consider the following questions:
- Was there an agreement?
- What did each party commit to do?
- Did either party (or both) fail to do what they promised?
- If yes, how do you measure the cost to the nonbreaching party?
Test your understanding of contract law principles with this quiz. Explore how to approach contract law by considering factors such as agreement, commitments, and breach of promises. Sharpen your knowledge by assessing the costs to the nonbreaching party.
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