Contracts

Question 1

People enter into contracts to control the

Answer 1

Future

Question 2

Contracts make business matters more…

Answer 2

Predictable

Question 3

Judicial restraint

Answer 3

Court requiring parties to fulfill obligations (passive)

Question 4

Judicial activism

Answer 4

Court ignores provisions because they are seen as unjust

Law is more flexible but unpredictable

Question 5

Contract elements

Answer 5

Agreement, consideration, legality, capacity

Question 6

Bilateral contracts

Answer 6

Both parties make a promise

Question 7

Unilateral contracts

Answer 7

One party makes a promise that the other can accept by doing something

Question 8

Express contracts

Answer 8

Terms explicitly stated

Question 9

Implied contracts

Answer 9

Words and conduct indicate intended agreement

Question 10

Executory contracts

Answer 10

When one or more parties has not fulfilled their agreements

Question 11

Executed contracts

Answer 11

All parties have fulfilled their obligations

Question 12

Valid contracts

Answer 12

Lawful

Question 13

Voidable contract

Answer 13

Law per,it’s a party to void the contract

Question 14

Void agreement

Answer 14

Neither party can enforce - unlawful or no power to enforce

Question 15

Promissory Estoppel

Answer 15

Defendant makes a promise that the plaintiff relies on

Question 16

Quasi contract

Answer 16

Defendant makes a promise but benefits from the plaintiff

Question 17

UCC article 2

Answer 17

Sale of goods

Question 18

Common law

Answer 18

Services, employment, real estate