Exam 11: Nature and Classes of Contracts: Contracting on the Internet

A bilateral contract is essentially an exchange of enforceable promises.

A contract can only involve two parties: the promisor and the obligor.

An executed contract is an agreement that has been completely performed.

Whenever a person receives a benefit for which payment has not been made,there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit.

In a bilateral contract,each party will be a promisor and,therefore,each party will:

An implied contract is one in which the agreement is shown not by words,written or spoken,but by the acts and conduct of the parties.

When a contract sets a price for services rendered,a plaintiff cannot sue for reasonable value.

A right of __________ refusal is the right of a party to meet the terms of a proposed contract before it is executed,such as a real estate purchase agreement.

An offer of a reward for the arrest and conviction of a criminal is an example of a:

Quasi contracts are fictional contracts.

A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.

An executory contract is an agreement by which something remains to be done by one or both parties.

A contract of record is also referred to as a(n):

A legally binding agreement that can be rejected at the option of one of the parties is called a(n):

In some cases,third persons,such as third party beneficiaries or assignees,have rights on a contract.

An express contract is one in which the agreement is shown by the acts and conduct of the parties.

Only the parties who signed the original contract can have rights with respect to that contract.

The plaintiff in a quasi-contractual action can recover:

A contract under which one or both parties have not yet fully performed is termed a(n):

An executory contract is: