18 Questions
Which type of contract usually requires a special form or method of creation to be enforceable?
Formal contracts
What distinguishes an express contract from an implied contract?
An express contract has terms explicitly stated while an implied contract relies on actions.
Which of the following is considered an informal contract?
Lease agreement for an apartment
What distinguishes a unilateral contract from a bilateral contract?
A unilateral contract involves one promise while a bilateral contract involves two promises.
Which type of contract typically relies more on substance rather than form?
Informal contracts
Under what circumstances do express contracts usually operate?
When the terms are fully and explicitly stated in oral or written form
What type of contract is formed by the words or conduct of the parties?
Implied contract
Which type of contract has been fully performed by both parties?
Executed contract
In the case of a voidable contract, what option does one party have?
Either (a) or (b)
What type of contract exists, but cannot be enforced due to a legal defense?
Unenforceable contract
In the case involving Seawest Services Association and the Copenhavers, what type of contract was found to exist?
Quasi contract
What is required for a contract to be considered valid?
Agreement, consideration, legal capacity, and legal purpose
What is acceptance in the context of contracts?
A voluntary act by the offeree that shows agreement to the terms of an offer.
Which form of communication can sometimes inadvertently create a valid contract?
E-mails and instant messages
What is required for an acceptance to be valid?
It must be communicated to the offeror.
In which scenario can informal electronic exchanges lead to the formation of valid contracts?
When parties exchange offers and counteroffers via e-mail.
Who can accept an offer and create a binding contract?
Only the person to whom the offer is made or that person’s agent.
In what context do attorneys sometimes use e-mails as part of the negotiation process?
After automobile accidents.
Test your knowledge about formal contracts and negotiable instruments, including examples like checks, promissory notes, bills of exchange, and letters of credit used in international sales contracts.
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