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

A contract of record is also referred to as a:

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

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

Because transfer of value is essential to a valid contract,contracts cannot arise in the performance of personal services.

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

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.

A contract is:

A bilateral contract is essentially an exchange of promises.

When a contract is fully performed by one party,it is called a unilateral contract.

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

An executory contract is:

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

A contract can only involve two parties.

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

A contract never can be both executory and unilateral.

A contract is essentially an agreement that creates an obligation.

A party to a contract may be:

When purchasing from a website,the website terms generally become the contract of the parties and are legally enforceable.

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

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