Exam 12: Nature and Classes of Contracts: Contracting on the Internet

A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

The main thrust of the quasi contract is to:

An agreement that contemplates the performance of an act prohibited by law is usually void.

The effect of an implied contract is not the same as the effect of an express contract.

Quasi-contractual liability will generally be imposed when the cost of performing a contract is greater than had been expected.

The elements of a contract include all of the following except:

A bilateral contract is essentially an exchange of promises.

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

An option contract gives one of the parties an absolute right to enter into a second contract at a later date.

The promisor in a contract may also be called the:

A contract never can be both executory and unilateral.

An agreement arises when one person, the __________, makes an offer and the other person to whom the offer is made, the __________, accepts.

The plaintiff in a quasi-contractual action can recover:

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.

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

Quasi contracts are contracts.

An offeror makes an offer to an offeree.

An obligation to pay for the reasonable value of services rendered when there is no contract would be called:

A contract of record is also referred to as a:

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