Special Deck - Contracts

Question 1

Difference between unilateral and bilateral?

Answer 1

Unilateral- a promise exchanged for an act. Bilateral - a promise exchanged for a promise.

Question 2

Difference between Common Law and UCC

Answer 2

Common Law covers real estate and services; Universal Commercial Code covers sale of goods.

Question 3

Define express contract

Answer 3

Explicit contract, either in writing or orally, where the intent is explicitly stated. Standard business contract

Question 4

Define implied contract

Answer 4

Where the contract is formed by the behavior of the two parties involved. Can be legally binding in absence of a written or oral agreement

Question 5

Define quasi-contract

Answer 5

“contract” formed by court where no clear agreement exists to avoid unjust enrichment by one party at the expense of the other.

Question 6

Difference between executory and executed contract

Answer 6

Executed means completed, executory mean in progress (of being completed)

Question 7

At what point in the contract process can an offer be accepted?

Answer 7

Offers must be received to be accepted. This applies to original offers, revocations (made by offeror), and refusals (made by offeree)