Exam 9: Introduction to Contracts

Omar asserts that a deal he entered into with Patty to sponsor and host a motivational conference for independent sales representatives is an unenforceable contract.Defenses to the enforcement of a contract include​ 

Informal contracts are usually based on their sub-stance rather than their form. 

A quasi contract is a fictional contract. 

Informal contracts include all contracts other than formal contracts. 

Contract law assures the parties to private agreements that the promises they make will be enforceable. 

Jonathon promises to pay child support and alimony to his ex-wife every month after their divorce.Jonathon has​ 

Jonah tells Levi he will give him an Xbox if Levi does Jonah's chores for a month.Levi promises to do the chores.Jonah and Levi have formed​ 

A bilateral contract comes into existence at the moment promises are exchanged. 

Vita asks Walter,a cobbler and shoe salesperson,to repair a pair of work boots.There is no discussion of a price,and Vita and Walter do not sign any documents.After the repair,Walter hands Vita a bill.With respect to Vita's obligation to pay the bill,this is​ 

In an express contract,the terms are fully and explicitly stated in words. 

In contract law,intent is determined by the objective theory of contracts. 

A promise is a declaration that something will or will not happen in the future.