Chapter 11 Nature And Terminology Flashcards
1
Q
Six essential element of contract
A
Agreement Consideration Capacity Legality -goal of contact must be for legal purposes Genuine assent
2
Q
Four requirements of a valid contract
A
Consideration
Legality
Agreement
Contractual capacity
3
Q
Unilateral
A
A promise for an act
4
Q
Bilateral
A
A promise for a promise
5
Q
Formal contract requires
A
Special form
6
Q
Implied is formed by
A
Conduct of the parties
7
Q
A valid contract can be
A
Enforceable- no legal defenses against it
Voidable- a party has the option of avoiding or enforcing
Unenforceable - cannot be enforced due to legal defense
8
Q
Quasi contracts are imposed as if the parties had entered into a contract. These are equitable rather than legal contacts
A
True
9
Q
Quantum meruit
A
As much as he or she deserves
