Exam 6: Overview and Language of Contracts

When the reason and outcome of a contract are legal, the contract has:

An enforceable contract has four necessary elements: mutual assent, capacity to contract, consideration, and legal purpose.

Which of the following is formed to remedy unjust enrichment?

An agreement between two adults to pay $300 cash for a bicycle is an example of a contract that is:

Each contract should cover a singular promise, and if multiple promises are involved, multiple contracts should be created.

A valid contract is one that has all the necessary elements and, thus, can be enforced.

Ralph calls Alice and asks her out on a date to see a movie. Alice agrees. This is the type of promise that the courts will enforce as a contract.

At this moment, your contract with your university or college is:

A unilateral contract is formed when a promise requires acceptance by performance.

Express contracts arise from the parties' conduct.

Common law governs a contract that involves installation of computer equipment when materials are valued at $75,000 and labor is $10,000.

A contract that is not yet complete is called an executed contract.

A handyman goes to the wrong house by mistake and cleans the gutters while the homeowners are at work. The homeowners will have to pay for the service under the quasi-contract theory of unjust enrichment.

Under a bilateral contract, there is no contract until the offeree performs the requested act.

When an offer and agreement exist between parties, this is called:

ABC Land Co. is negotiating the sale of an office building to Mega Co. Which laws will govern the contract for the sale of the building?

Most contracts require a specific format or ceremony.

A contract in which one party may disaffirm or enforce the contract is:

When a party may, at his or her option, either disaffirm or enforce a contract, that contract is said to be _______.

A negotiation to buy a car is an example of entering into an implied contract.