Contracts vs Agreements

Play an AI-generated podcast conversation about this lesson

What is a contract?

An enforceable legal agreement (correct)

A completion criteria

A social or moral obligation

A basis for pricing work

According to Mead et al, 1956, how many major categories can contracts be classified into?

6 (correct)

4

2

8

What is the relationship between agreements and contracts?

Agreements and contracts are completely separate

Agreements and contracts are the same thing

All contracts are agreements (correct)

All agreements are contracts

What is the purpose of a contract?

To establish legal rights and obligations Signup and view all the answers

In a day-to-day situation, how are most business transactions expressed?

Through legally enforceable agreements Signup and view all the answers

Which one of these is NOT true about contracts?

All agreements are contracts Signup and view all the answers

What is the main purpose of a contract?

To enforce legal rights and obligations Signup and view all the answers

Why are agreements not legally enforceable?

They impose social or moral obligations Signup and view all the answers

What is the relationship between agreements and contracts?

Agreements can become contracts Signup and view all the answers

According to Mead et al, 1956, how many major categories can contracts be classified into based on their origin?

6 Signup and view all the answers

Contracts vs Agreements

Podcast Beta

Questions and Answers

What is a contract?

According to Mead et al, 1956, how many major categories can contracts be classified into?

What is the relationship between agreements and contracts?

What is the purpose of a contract?

In a day-to-day situation, how are most business transactions expressed?

Which one of these is NOT true about contracts?

What is the main purpose of a contract?

Why are agreements not legally enforceable?

What is the relationship between agreements and contracts?

According to Mead et al, 1956, how many major categories can contracts be classified into based on their origin?

More Quizzes Like This

Contract vs Agreement

Forward Contracts vs Futures Contracts Quiz

Understanding Memorandum of Agreement (MOA) vs Memorandum of Understan...

Contract Law Case Study: All Goods Supplied vs. Dot Distributions

Upgrade to continue