Ch.1: Intro Contract Terminology

Question 1

A contract is:

Answer 1

1. a promise or set of promises
2. for the breach of which the law gives a remedy, or
3. the performance of which the law in some way recognizes as a duty

Question 2

A promise is:

Answer 2

1. A manifestation of intention
2. to act or refrain from acting in a specified way
3. so made as to justify a promisee in understanding that a commitment has been made

Question 3

Promisor

Answer 3

A promisor is the person making the promise.

Question 4

Promisee

Answer 4

A promisee is the person to whom the promise is made.

Question 5

A contractual promise is:

Answer 5

1. a promise made as part of a contract.
2. the promisor makes the promise in exchange for a return promise or return performance from the promisee.
3. such promises are generally legally enforceable.

Question 6

A gratuitous promise is:

Answer 6

1. a naked or bare promise,
2. the promisor gives the promise w/o receiving anything in return from the promisee,
3. Such promises are generally not legally enforceable.

Question 7

Rights and Duties:

Every contractual promise creates right and duties in the parties.

Answer 7

1. The promisor has a duty to perform what is promised.

2. The promisee has a right to receive the promised performance from the promisor.