Contracts Overview Quiz
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Questions and Answers

What is an agreement between 2 or more parties that creates an obligation of some type?

Contract

What are the four essential elements of a contract?

Agreement, Consideration, Capacity, Legality

What type of essential element is comprised of offer and acceptance?

Agreement

What type of essential element is something of value exchanged by each party to bind the agreement?

<p>Consideration</p> Signup and view all the answers

What is the type of essential element that has the legal and mental ability to enter into a contract?

<p>Capacity</p> Signup and view all the answers

Who lacks mental capacity?

<p>Minors, under the influence, mentally disabled</p> Signup and view all the answers

What type of essential element is it where the contract must not be against the laws?

<p>Legality</p> Signup and view all the answers

What are the 3 types of contracts?

<p>Express contract, Implied contract, Quasi contract</p> Signup and view all the answers

What type of contract has its terms set down in a clear-cut fashion, orally or in writing?

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

What type of contract is not stated and determined from the surrounding circumstances?

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

What type of contract only exists by the direction of the court?

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

What 3 things can a contract be?

<p>Valid, Voidable, Void</p> Signup and view all the answers

What type of contract is one that's legally binding and enforceable?

<p>Valid</p> Signup and view all the answers

What type of contract is initially considered valid but can be cancelled by one or more parties?

<p>Voidable</p> Signup and view all the answers

What is a contract that never existed?

<p>Void</p> Signup and view all the answers

What type of contract is when all parties have fully performed?

<p>Executed</p> Signup and view all the answers

What type of contract is a contract in which some performance has yet to be delivered?

<p>Executory</p> Signup and view all the answers

What type of contract obligates all parties to it to perform according to their promises?

<p>Bilateral</p> Signup and view all the answers

What type of contract is a contract in which one party is only obligated to fulfill a promise if another party first performs?

<p>Unilateral</p> Signup and view all the answers

What is a proposal of a bargain or exchange to another party or parties?

<p>Offer</p> Signup and view all the answers

What is an Offeror and an Offeree?

<p>Offeror: person making the offer; Offeree: person whom it is made</p> Signup and view all the answers

Flashcards

Contract

A legally binding agreement between two or more parties, creating obligations.

Contract Elements

Essential elements for a contract to be valid and enforceable.

Agreement

The meeting of the minds, where one party makes an offer, and the other accepts it.

Consideration

Something of value exchanged by each party in a contract.

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Capacity

The legal and mental capacity of the parties to enter into a contract.

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Capacity - Who lacks it?

Parties must have the legal and mental ability to understand and agree to the terms of the contract.

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Legality

The subject matter and purpose of the contract must be legal and not against public policy.

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Express Contract

A contract whose terms are explicitly stated, either orally or in writing.

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Implied Contract

A contract that is not explicitly stated but is implied based on the actions and conduct of the parties.

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Quasi Contract

A contract that is imposed by a court to prevent unjust enrichment, even though no actual contract existed.

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Valid Contract

A contract that is legally binding and enforceable.

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Voidable Contract

A contract that is initially valid but can be canceled by one or more parties due to a defect.

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Void Contract

A contract that has no legal effect from the beginning and never existed legally.

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Executed Contract

A contract where all parties have fully performed their obligations.

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Executory Contract

A contract where some performance still needs to be completed by one or more parties.

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Bilateral Contract

A contract where all parties are obligated to perform their promises.

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Unilateral Contract

A contract where one party's performance is only required after the other party has first performed.

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Offer

A proposal made by one party to another, expressing the terms of a potential agreement.

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Offeror

The person making the offer.

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Offeree

The person to whom the offer is made.

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Study Notes

Contracts Overview

  • A contract is an agreement between two or more parties that establishes an obligation.

Essential Elements of a Contract

  • Four essential elements are required for a contract:
    • Agreement: Consists of offer and acceptance.
    • Consideration: Something of value exchanged to bind the agreement.
    • Capacity: Legal ability of parties to enter a contract.
    • Legality: The contract must not violate any laws.

Capacity

  • Capacity refers to the legal and mental ability to enter into a contract.
  • Individuals lacking capacity include:
    • Minors
    • Those under the influence
    • Mentally disabled individuals.

Types of Contracts

  • Three types of contracts exist:
    • Express Contract: Terms are clearly stated, either orally or in writing.
    • Implied Contract: Not stated but inferred from circumstances or prior dealings.
    • Quasi Contract: Established by court to prevent unjust enrichment when no actual contract exists.

Contract Validity

  • Contracts can be categorized based on their legal standing:
    • Valid Contract: Legally binding and enforceable.
    • Voidable Contract: Initially valid but can be canceled by one or more parties.
    • Void Contract: A contract that never existed and has no legal effect.

Contract Performance

  • Two performance types of contracts:
    • Executed Contract: All parties have fulfilled their obligations.
    • Executory Contract: Some obligations remain unfulfilled.

Contractual Obligations

  • Bilateral Contract: All parties are legally bound to perform as promised.
  • Unilateral Contract: Only one party is obligated to fulfill their promise upon another party’s performance.

Offers in Contracts

  • An offer is a proposal for a bargain or exchange directed to another party or parties.
  • Offeror: The person making the offer.
  • Offeree: The person to whom the offer is made.

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Description

Test your knowledge on the essential elements of contracts including agreement, consideration, capacity, and legality. This quiz also covers the different types of contracts and the legal implications of capacity. Dive in to enhance your understanding of contract law!

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