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

A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

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.

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

An implied contract is shown by:

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

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

The Martin family owned a home that was badly in need of repair.Mrs.Martin worked outside the home and Mr.Martin took care of the household responsibilities and cared for the two young Martin children.One day,Mrs.Martin left for work and a home repair crew drove up and began to put aluminum siding on the Martin house.Mr.Martin telephoned his wife,told her,and inquired about whether she had hired the workers.When the Martins realized that they never had ordered this work done,Mr.Martin sneaked out the back with the children.He later met his wife at work and they returned home for dinner.By that time,the entire front of the house had been aluminum-sided.The foreman asked,"Mr.and Mrs.Wolf,how do you like the job?" The Martins replied that they loved the job,but the Wolfs lived next door.When it became clear that the repair crew had made an error,the foreman insisted that the Martins had to pay. a. Decide the case,and explain the reason(s)for your decision. b. Decide the case,assuming that the Martins were away on vacation when the improvements were made,and then returned home to discover the improvements.

The promisor in a contract may also be called the:

Negotiable instruments are examples of formal contracts.

A bilateral contract consists of a:

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

When Gordon told Hanson that he was considering selling his house,Hanson offered to buy it.Gordon and Hanson entered into a contract in which Hanson paid Gordon $1,000 in cash for the right to buy Gordon's house for $150,000 in the event Gordon decided to sell it.Two weeks later,Jones offered Gordon $200,000 for his house,and Gordon agreed to sell it to her for that amount.Hanson sued Gordon to force Gordon to sell the house to him for $150,000,rather than to Jones for $200,000.Identify the probable result of the action.What type of contract,if any,was entered into between Gordon and Hanson?

A quasi contract may arise in a situation in which no contract exists.

The greatest risk to purchasing online is providing your credit card information to the seller.

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

Quasi contracts are contracts.

The main thrust of the quasi contract is to:

A contract requires:

The plaintiff in a quasi-contractual action can recover:

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