GONZAGA BUSINESS LAW EXAM 2 QUESTIONS AND
ANSWERS
Elements of a contract - CORRECT ANSWER✅✅✅1. Agreement between
2. Competent parties with
3. Genuine assent supported by
4. Consideration for a
5. Legal object and in a
6. Legal form if required
Contract - CORRECT ANSWER✅✅✅Promise or set of promises for the breach of which the law
requires a remedy
What are the types of justice? - CORRECT ANSWER✅✅✅1. Commutative
2. Distributive
3. Legal
What is an example of communitive justice - CORRECT ANSWER✅✅✅Buying Dutch bros
What is an example of distributive justice - CORRECT ANSWER✅✅✅Helping an old lady cross the
street
What is an example of legal justice - CORRECT ANSWER✅✅✅Pay a speeding ticket
Do you need consideration if there is a seal? - CORRECT ANSWER✅✅✅No
Are informal contracts enforceable? - CORRECT ANSWER✅✅✅Yes, because they show agreement
What kind of contracts are governed by code? - CORRECT ANSWER✅✅✅Personal Property
, What is a negotiable instrument? - CORRECT ANSWER✅✅✅Giving up rights/$, "pay to the order of"
What are the three kinds of formal contracts? - CORRECT ANSWER✅✅✅1. Contracts under seal
2. Contracts of record (recognizance)
3. Negotiable instruments
What is an express contract? - CORRECT ANSWER✅✅✅Terms are manifested by their words
What is an implied in fact contract? - CORRECT ANSWER✅✅✅Shown by acts and conducts of the
parties
T or F, both implied and express contracts are enforceable - CORRECT ANSWER✅✅✅True
Is a contract implied in law a contract? - CORRECT ANSWER✅✅✅No, it is a quasi contract (EQUITY)
What are the four types of enforceability? - CORRECT ANSWER✅✅✅1. Valid
2. Voidable
3. Void
4. Valid but unenforceable
What is an executed contract - CORRECT ANSWER✅✅✅It has been performed
What is an executory contract - CORRECT ANSWER✅✅✅The contract hasn't been performed
What is a bilateral contract - CORRECT ANSWER✅✅✅Promise for a promise
What is a unilateral contract - CORRECT ANSWER✅✅✅"I'll give whoever can push the peanut across
the quad 100$"
ANSWERS
Elements of a contract - CORRECT ANSWER✅✅✅1. Agreement between
2. Competent parties with
3. Genuine assent supported by
4. Consideration for a
5. Legal object and in a
6. Legal form if required
Contract - CORRECT ANSWER✅✅✅Promise or set of promises for the breach of which the law
requires a remedy
What are the types of justice? - CORRECT ANSWER✅✅✅1. Commutative
2. Distributive
3. Legal
What is an example of communitive justice - CORRECT ANSWER✅✅✅Buying Dutch bros
What is an example of distributive justice - CORRECT ANSWER✅✅✅Helping an old lady cross the
street
What is an example of legal justice - CORRECT ANSWER✅✅✅Pay a speeding ticket
Do you need consideration if there is a seal? - CORRECT ANSWER✅✅✅No
Are informal contracts enforceable? - CORRECT ANSWER✅✅✅Yes, because they show agreement
What kind of contracts are governed by code? - CORRECT ANSWER✅✅✅Personal Property
, What is a negotiable instrument? - CORRECT ANSWER✅✅✅Giving up rights/$, "pay to the order of"
What are the three kinds of formal contracts? - CORRECT ANSWER✅✅✅1. Contracts under seal
2. Contracts of record (recognizance)
3. Negotiable instruments
What is an express contract? - CORRECT ANSWER✅✅✅Terms are manifested by their words
What is an implied in fact contract? - CORRECT ANSWER✅✅✅Shown by acts and conducts of the
parties
T or F, both implied and express contracts are enforceable - CORRECT ANSWER✅✅✅True
Is a contract implied in law a contract? - CORRECT ANSWER✅✅✅No, it is a quasi contract (EQUITY)
What are the four types of enforceability? - CORRECT ANSWER✅✅✅1. Valid
2. Voidable
3. Void
4. Valid but unenforceable
What is an executed contract - CORRECT ANSWER✅✅✅It has been performed
What is an executory contract - CORRECT ANSWER✅✅✅The contract hasn't been performed
What is a bilateral contract - CORRECT ANSWER✅✅✅Promise for a promise
What is a unilateral contract - CORRECT ANSWER✅✅✅"I'll give whoever can push the peanut across
the quad 100$"
