Exam 9: Nature and Classification

The only requirement for a valid contract is that the parties voluntarily entered into it.

A quasi contract arises from a mutual agreement between two parties.

A unilateral contract is formed when the party receiving the offer completes the requested act or performance.

The person who makes a promise is the promisee.

InTown Delivery Service promises to deliver a certain couch to Kurt, who promises to pay for the service. If InTown does not perform, it may be required to

Letters of credit are formal contracts that are often used in international sales contracts.

One purpose of quasi contracts is to prevent unjust enrichment of one party at the expense of another.

A contract is an agreement that can be enforced in court.

Scot and Tiffany enter into an implied contract. The parties' conduct

Bay City Construction, Inc., a contractor, asks Cool Electric, a subcontractor, to provide certain services. Nothing is said about payment. Cool provides the services, but Bay City refuses to pay. In Cool's suit to recover, the chief issue is most likely to be whether these parties had

When Jeff's car breaks down, he asks Insta-Tow, Inc., to tow it to Huey's Repair Shop. There is no discussion of a price, and Jeff and Insta-Tow do not sign any documents. Later, Insta-Tow sends Jeff a bill. With respect to Jeff's obligation to pay the bill, this is

Ed, a businessperson, is a friend of Fran, the owner of a Percolated Coffee & Baked Goods store. Every day, Ed spends five minutes in Fran's store, looking at the goods and usually buying one or two cinnamon buns or bagels. One afternoon, Ed goes into the store, looks at the items, and picks up a $1 chocolate brownie. Ed waves the brownie at Fran without saying a word and walks out. Is there a contract? If so, how would it be classified in terms of formation, performance, and enforceability?

Avatar, Inc., and Bling Corporation sign a contract in which Avatar agrees to deliver t-shirts emblazoned with video game characters in exchange for Bling's promise to pay. Avatar delivers. The contract is

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

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

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

Quasi contracts are often used by courts, even in cases where there is an actual contract that covers the area in controversy.

All contracts must be in writing to be enforceable.

An implied contract is implied from the conduct of the parties.

An offeroree is a person who makes an offer.