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Contract Law: Voidable Contracts and Consideration

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Contract Law: Voidable Contracts and Consideration

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Questions and Answers

What type of contract is characterized by a promise for an act?

Bilateral contract
Unilateral contract (correct)
Implied-in-fact contract
Executory contract

What is the primary purpose of a quasi-contract?

To facilitate contract formation
To enforce formal contracts
To prevent unjust enrichment and unjust detriment (correct)
To execute a bilateral contract

What is the key characteristic of a formal contract?

It is an oral agreement
It is fully enforceable
It requires a special form or method of creation (correct)
It is an implied agreement

What is the difference between an executory contract and an executed contract?

An executory contract has not been fully performed, while an executed contract has been fully performed (A) Signup and view all the answers

What is the term for a contract that is inferred from the conduct of the parties?

Implied-in-fact contract (B) Signup and view all the answers

What is an example of an implied-in-fact contract?

A freelance graphic designer working on a project without a formal agreement (B) Signup and view all the answers

What is a pitfall of a unilateral contract?

The parties may not intend to create a legally binding agreement (A) Signup and view all the answers

What is a type of contract that is fully enforceable and may be sued upon if breached?

Informal contract (A) Signup and view all the answers

What is the primary characteristic of a bilateral contract?

It is a promise for a promise (D) Signup and view all the answers

Why might a court award monetary damages in a quasi-contract?

To prevent unjust enrichment and unjust detriment (D) Signup and view all the answers