Chapter 8 - The Hotelkeeper and the Law of Contracts

Question 1

what is contract?

Answer 1

legal agreement creating legally enforceable obligations between two or more parties

Question 2

what are the three things that contracts must have?

Answer 2

offer, acceptance and consideration to support the formation of a legally enforceable agreement

Question 3

what is express contract and implied contract?

Answer 3

express contract is definitely set forth in words, either oral or written. implied contract is inferred from the acts and conduct of the parties

Question 4

what is bilateral contract and unilateral?

Answer 4

a contract between two parties with promises made on both sides. Unilateral contact is only one party makes a promise

Question 5

what is void contract?

Answer 5

cannot possibly have any legal effect, and is just as if the agreement was never made

Question 6

what is statutes of limitations?

Answer 6

the time within which particular lawsuits must be instituted, although the parties may always by contact agree upon a reasonable shorter period of time for bringing the lawsuit