BUSI 301 QUESTIONS AND ANSWERS LATEST UPDATE ALREADY
GRADED A+
Contract
a promise that the law will enforce
Bilateral Contract
involves two promises and two performances
Unilateral Contract
one promise followed by one performance which then triggers a second performance from the offeror
Express Contract
created when the parties have knowingly and intentionally agreed on the promises and performances
Implied Contract
A contract that comes about simply from actions of the parties.
Quasi Contract
court-imposed obligation to prevent unjust enrichment in the absence of a contract
When a contract has the required elements, it is called:
valid
When a contract is legally cancelable by one more parties, the contract is:
voidable
When the agreement lacks one of the required elements or has not been formed in accordance with
the law, the contract is:
void
When a contract meets the required elements and is valid but a party asserts a legal defense, the
contract is:
unenforceable
State Common Law
The governing body of law of contracts for services or real estate
State Statutory Law
The body of law governing contracts for goods or products; based on the Uniform Commercial Code.
Hybrid Contracts
GRADED A+
Contract
a promise that the law will enforce
Bilateral Contract
involves two promises and two performances
Unilateral Contract
one promise followed by one performance which then triggers a second performance from the offeror
Express Contract
created when the parties have knowingly and intentionally agreed on the promises and performances
Implied Contract
A contract that comes about simply from actions of the parties.
Quasi Contract
court-imposed obligation to prevent unjust enrichment in the absence of a contract
When a contract has the required elements, it is called:
valid
When a contract is legally cancelable by one more parties, the contract is:
voidable
When the agreement lacks one of the required elements or has not been formed in accordance with
the law, the contract is:
void
When a contract meets the required elements and is valid but a party asserts a legal defense, the
contract is:
unenforceable
State Common Law
The governing body of law of contracts for services or real estate
State Statutory Law
The body of law governing contracts for goods or products; based on the Uniform Commercial Code.
Hybrid Contracts
