Chap. 7

Question 0

Promisor

Answer 0

Person making the promise

Question 1

Promise

Answer 1

A commitment or understanding that something will or will not happen in the future

Question 2

Promisee

Answer 2

Person whom the promise is made

Question 3

Contract

Answer 3

Promise or set of promises that if breached the law with give a remedy!!

Question 4

Jointly liable

Answer 4

Each promisor undertakes the duty to render the same performance

Question 5

Severally liable

Answer 5

Each party is liable individually

Question 6

Joint and several

Answer 6

Promisors bind themselves jointly as one party and also severally as separate parties

Question 7

Enforceable

Answer 7

Promise is enforceable as contract if it

1. ) offer made by one party is accepted by the other
2. ) consideration

Question 8

Unenforceable

Answer 8

No contract remedy. Unenforceable example- performance is illegal

Question 9

Void promise

Answer 9

A promise without legal force or effect

Question 10

Voidable

Answer 10

Contract where one or more parties have the power by electing to avoid the legal relations created by the contract

Question 11

Ratification

Answer 11

Extinguishes the persons power of avoidance and makes the contract enforceable against the person with the power to avoid the contract

Question 12

Informal contract

Answer 12

Has the basic elements of an enforceable contract

Question 13

Formal contract

Answer 13

Under seal, recognizance, negotiable

Question 14

Contract under seal

Answer 14

Written promise with seal on it

Question 15

Recognizance contract

Answer 15

Promise made by promisor to make a certain payment unless a specified event occurs

Question 16

Negotiable contract

Answer 16

Instruments (checks)
Documents or titles (bills, lading, warehouse receipts)
Investment (stocks)

Question 17

Unilateral

Answer 17

Promise (reward) in exchange for performance of an act

Question 18

Bilateral

Answer 18

At least two promises in which both parties are a promisor and a Promisee

Question 19

Express

Answer 19

Contract that is either oral or written

Question 20

Implied in fact

Answer 20

Example- Having to pay the cab driving after he drops you off

Question 21

Quasi- contract

Answer 21

Remedy of restitution (unjust enrichment)

Question 22

Executed

Answer 22

Promise or contract has been completed

Question 23

Executors

Answer 23

Yet to be performed

Question 24

Discharge

Answer 24

Terminate a contractual obligation

Question 25

Parties

Answer 25

The promisor and the the promisees

Question 26

Third party

Answer 26

Person other than one if the contracting parties who is affected by the contract

Question 27

Goods

Answer 27

All things which are movable at the time of identification to the contract of sale

Question 28

Merchant

Answer 28

Deals with the specific good or says that they deal with that good