Introduction and Classification

Question 1

Define “contract”.

Answer 1

An agreement supported by consideration between tow or more persons with competent capacity for a legal purpose.

Question 2

Define “express contract”.

Answer 2

A contract formed wholly by oral and/or written words.

Question 3

What is a bilateral contract?

Answer 3

A promise in exchange for a promise.

Question 4

Define “quasi-contract”.

Answer 4

A contract imposed by law, even when no contract was formed, to prevent unjust enrichment.

Question 5

Define “implied-in-fact contract”.

Answer 5

A contract formed at least in part based on the conduct of the parties.

Question 6

What constitutes an executory contract?

Answer 6

A contract not fully performed by both sides.

Question 7

What is an executed contract?

Answer 7

A contract that is fully performed by both sides.

Question 8

What is a unilateral contract?

Answer 8

A promise in exchange for an act.

Question 9

Define “voidable contract”.

Answer 9

A valid contract in which a party has the option to avoid liability.

Question 10

Define “void contract”.

Answer 10

A contract that violates the law or lacks an element necessary for a court to enforce the agreement (e.g., a contract entered into by a party who has been declared incompetent).

Question 11

List the enforceability classifications of contracts.

Answer 11

• Valid
• Void
• Voidable
• Unenforceable

Question 12

Define “unenforceable contract”.

Answer 12

A valid contract that cannot be enforced due to a legal defense.

Question 13

List the classifications of contracts in terms of degree of performance completion.

Answer 13

• Executed

- Executory

Question 14

List the sources of contract law and the items to which they apply.

Answer 14

• common law: real estate and services

- UCC: goods