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Definition and Classification of Contracts

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Definition and Classification of Contracts

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Questions and Answers

What is the essence of a unilateral contract?

Both parties are bound to do something

Both parties can withdraw from the contract

Only one party is bound to do something (correct)

Neither party is bound to do anything

Which type of contract is enforceable by exchange of promises between parties?

Unilateral Contract

Bilateral Contract (correct)

Simple Contract

Contract by Deed

What method of enforcement is typically used for breach of contract?

Verbal Warning

Community Service

Criminal Charges

Action for Damages (correct)

What distinguishes a contract by deed from a simple contract?

Level of formality (A) Signup and view all the answers

According to Sir Frederick Pollock, how did he define a contract?

A legally binding agreement enforceable by law (C) Signup and view all the answers

In a unilateral contract, who is entitled to rewards if the conditions are met?

The party accepting the offer (A) Signup and view all the answers

What is one of the essential elements of a contract for the sale of goods?

Agreement (D) Signup and view all the answers

Which concept refers to both parties in a contract promising to give or do something for the other?

Consideration (D) Signup and view all the answers

What is the legal term for a contract that cannot be enforced in the courts?

Unenforceable contract (A) Signup and view all the answers

In a contract for the sale of goods, what must not be illegal or contrary to public policy?

Purpose of the agreement (C) Signup and view all the answers

What is the term for a contract that operates as valid unless avoided by one of the parties?

Voidable contract (C) Signup and view all the answers

Which remedy may be available in case of a real obligation in a contract of sale?

Specific performance (B) Signup and view all the answers