Exam 10: Nature and Terminology

Mona asserts that a deal she entered into with Nate is an unenforce?able contract. Defenses to the enforcement of a contract include

Contract law ensures that one party does not threaten another.

A promisee is a person who makes a promise.

Tort law governs contracts.

Sam and Tiffany enter into an implied-in-fact contract. This is a contract in which the parties' conduct

A quasi contract is a true contract.

"Consideration" refers to the genuine assent of all of the parties to a contract.

The doctrine of quasi contract applies only if there is an actual con?tract that covers the area in controversy.

Informal contracts are usually based on their sub?stance rather than their form.

An offeree is a person who makes an offer.

An executory contract is one that has been fully performed.

When the words in a contract have more than one meaning, they are gen?erally in?ter?preted in favor of the party who drafted the contract.

Except for certain types of contracts that must in writing, no special form is required for informal contracts.

Tom enters a coffee shop in which he has an open account, fills a cup of coffee, holds it so the cashier can see it, acknowledges the cashier's nod, and walks out with the coffee, knowing that he will be billed for it at the end of the month. Tom has formed

A contract is void if its purpose is illegal.

A contract is an agreement only between parties who are not members of the same family.

A contract's general intent will usually be subordinated to specific clauses contained within the contract.

Employment Sources, Inc., enters into a contract with Fred. If Fred is a minor, this contract is most likely

Beth claims that her contract with Carl is voidable. If the contract is avoided

On May 1, Local Cartage Company and Modern Computers, Inc., orally agree that Local Cartage will pick up from National Chip Corporation and deliver to Modern Computers' manufacturing plant a certain num?ber of computer chips on each Monday in the month. Under the agree?ment, Modern Computers will pay for the delivery services on June 1. On May 1, is this contract express, implied in fact, or implied in law? On May 31, after all of the deliveries have been made, is the contract exe?cuted or executory?