Quiz 2 Flashcards
1
Q
A real estate contract is an example of an express contract.
A
false
2
Q
Which of the following is NOT an example of enforceability when dealing with contracts:
- valid
- void
- vital
- voidable
- unenforceable
A
vital
3
Q
An agreement between two or more competent persons (parties) which is enforceable by law is the definition of
A
contract
4
Q
“You mow my yard and I will pay you $25” is an example of a unilateral contract.
A
true
5
Q
Classification of contracts is based on three elements: Formation, Performance, and enforceability.
Formation :
Performance :
Enforceability :
A
Formation : Formal
Performance : Executed
Enforceability : Valid
