Contracts in Society Overview
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Contracts in Society Overview

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Questions and Answers

Which statement accurately reflects the nature of Contract Law?

  • Contract Law involves personal agreements that are not legally binding.
  • Contract Law establishes the circumstances when a promise may be legally binding. (correct)
  • Contract Law encompasses only business transactions.
  • Contract Law only applies to written agreements.

    • What distinguishes a promise from a contract?

  • All promises are automatically considered contracts.
  • Contracts always require written documentation.
  • Not all promises carry legal intent, while contracts do. (correct)
  • The legality of a promise is determined by public opinion.

    • Which of the following is NOT a category of law mentioned in the content?

  • Statute Law
  • Civil Law (correct)
  • Contract Law
  • Private Law

    • What does the term 'predecessors' refer to in the context of Common Law?

    <p>Decisions made by courts in previous cases.</p> Signup and view all the answers

    What is meant by 'Administrative Law'?

    <p>The procedures and regulations of government agencies.</p> Signup and view all the answers

    Which of the following describes a voidable contract?

    <p>A contract that may be enforced under certain conditions.</p> Signup and view all the answers

    What characterizes a Specialty Contract?

    <p>It must be made in writing and often under specific formalities.</p> Signup and view all the answers

    What does mutual consideration refer to in a contract?

    <p>The exchange of something of value between the parties.</p> Signup and view all the answers

    Which of these options is true regarding the elements of validity in a contract?

    <p>Competency means parties must be of legal age and sound mind.</p> Signup and view all the answers

    Which type of contract is NOT enforceable due to its illegal purpose?

    <p>Illegal Contract</p> Signup and view all the answers

    A contract that has been declared and adjudicated by a court is referred to as what?

    <p>Contract of Record</p> Signup and view all the answers

    Which type of contract is not necessarily made in writing to be valid?

    <p>Simple Contract</p> Signup and view all the answers

    What defines a legal purpose in a contract?

    <p>The contract must not involve illegal activities.</p> Signup and view all the answers

    What type of contract involves promises exchanged verbally or in writing at the time it is made?

    <p>Express Contracts</p> Signup and view all the answers

    Which type of contract is created based on conduct rather than explicit promises?

    <p>Implied Contracts</p> Signup and view all the answers

    In which type of contract do two or more parties merge to create a contract with a separate third party?

    <p>Joint Contracts</p> Signup and view all the answers

    What is a feature of several contracts?

    <p>Parties retain individual responsibilities</p> Signup and view all the answers

    What defines a quasi-contract?

    <p>A legal obligation imposed to prevent unjust enrichment.</p> Signup and view all the answers

    In a joint and several contract, what rights do the parties have?

    <p>They can be sued individually or collectively.</p> Signup and view all the answers

    Which option describes how two party contracts function?

    <p>They involve two parties only.</p> Signup and view all the answers

    What is a key difference between joint and several contracts?

    <p>Several contracts maintain separate liabilities, joint contracts do not.</p> Signup and view all the answers

    What characterizes a 3rd party beneficiary contract?

    <p>The 3rd party benefits from the contract's fulfillment.</p> Signup and view all the answers

    Which of the following best describes a bilateral contract?

    <p>Two parties enter into an agreement to perform mutual actions.</p> Signup and view all the answers

    What defines a unilateral contract?

    <p>Only one party's promise is contingent on an action by another.</p> Signup and view all the answers

    Which of the following describes an executory contract?

    <p>It requires future performance obligations to be met.</p> Signup and view all the answers

    What is an executed contract?

    <p>A contract where the promised exchange occurs immediately.</p> Signup and view all the answers

    What do contracts of agency accomplish?

    <p>They grant authority to act on behalf of another party.</p> Signup and view all the answers

    Which statement best describes contracts of guarantee?

    <p>They require a party to answer for another's obligation in case of failure.</p> Signup and view all the answers

    In the context of contracts, what does 'void' refer to?

    <p>A contract that is null and has no legal effect.</p> Signup and view all the answers

    Study Notes

    Contracts in Society

    • Contracts are promises that are legally enforceable.
    • Contracts can be categorized as Valid, Void, Voidable, Unenforceable, or Illegal.

    Types of Contracts

    • Simple Contracts: Meet all elements of validity and may not be in writing.
    • Specialty Contracts: Require formalities and/or written agreements.
    • Contracts of Record: Judicated by a court.
    • Quasi-Contracts: Legal obligations imposed by law, based on the principle of unjust enrichment.

    Elements of Validity

    • Deliberate: The agreement must be intended.
    • Agreement: Two or more parties agree to the terms.
    • Competency: Parties must be legally capable to make the agreement.
    • Mutual Consideration: Each party must give something of value in exchange.
    • Legality: The purpose of the agreement must be lawful.
    • Voluntarily: Agreement must be free from coercion.

    Forms of Categorization

    • By Origin:
      • Express Contracts: Promises are expressed verbally or in writing.
      • Implied Contracts: Conduct creates the exchange of promises.
      • Quasi-Contracts: Legal obligations imposed by law to prevent unjust enrichment.
    • By Participants:
      • Two-Party Contracts: Involve two parties.
      • Joint Contracts: Two or more parties merge and become jointly liable.
      • Several Contracts: Two or more parties merge but remain individually liable.
      • Joint and Several Contracts: Combines both joint and several liability.
      • Third Party Beneficiary Contracts: Two parties enter into a contract for the direct benefit of a third party.
    • By Obligation:
      • Bilateral Contracts: Direct exchange of performance.
      • Unilateral Contracts: One party makes a promise available to anyone who performs the required action.
    • By Completion:
      • Executory Contracts: Obligations are imposed for future acts.
      • Executed Contracts: Exchange of obligations is completed at the time of agreement.
    • By Agency:
      • Contracts of Agency: Confer authority to act on behalf of one party to a third party.
    • By Guarantee:
      • Contracts of Guarantee: Answering for the performance or payment of a duty in the event of failure of another party.

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    Related Documents

    Module 2 - LAWS-1030 PDF

    Description

    Explore the essential aspects of contracts in society, including their definitions, types, and elements of validity. This quiz covers topics such as simple, specialty, and quasi-contracts, helping you understand the legal framework surrounding agreements.

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