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BUA 221 CH.1,2,3,4,5 > Chapter 6 Review > Flashcards

Chapter 6 Review Flashcards

1
Q

What is Contract

A

A legally binding agreement

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2
Q

What are the Four Elements of Contract

A

Agreement, Consideration, Capacity, Legality

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3
Q

A contract is a mere promise between two or more persons

True or False

A

False

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4
Q

Each party to a contract is a mere promise between two or more persons
True or False

A

True

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5
Q

Legally all contracts are agreements but not all agreements are contracts
True or False

A

True

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6
Q

The initial step toward forming a contract is to decide an the amount of consideration
True or False

A

False

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7
Q

A person can enter a contract at any age

True or False

A

False

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8
Q

What is a Bilteral Contract

A

A promise from one party in exchange for a promise from the other party

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9
Q

What is Unilateral Contract

A

A promise from one party in exchange for performance from the other party

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10
Q

What is Valid Contract

A

A contract that contains the essential element

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11
Q

Void Contract

A

A contract that does not contain the essential element s to a contact

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12
Q

Voidable Contract

A

valid and enforceable until the qualifying party want to void the contract

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13
Q

Unenforceable Contract

A

A contract that is legal but is missing some requirements in the law

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14
Q

Formal Contract

A

written contract with formalities

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15
Q

Informal Contract

A

a contract written with out formalities

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16
Q

Express Contract

A

directly states the agreement

17
Q

Executory Contract

A

Agreement not followed through

18
Q

Executed Contract

A

Agreement followed through

19
Q

What is the Sources of Contract law

A

Common law, Modern Statues, Restatement of Contract

20
Q

Agreement formed for an illegal purpose are what contract

A

Void

21
Q

A void contract has no legal…

A

Effect

22
Q

A voidable contract is completely __________against all parties unless and until the party legally entitled to avoid does so

A

Enforceable

23
Q

An insurance policy is a good example of what contract

A

Express Contract

BUA 221 CH.1,2,3,4,5 (11 decks)

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