BUL 3320 EXAM 2 QUESTIONS AND ANSWERS

BUL 3320 EXAM 2 QUESTIONS AND ANSWERS bilateral - answer- A contract is ____________ if the offeror's promise is answered with the offeree's promise of acceptance. bilateral contract - answer- if there is any ambiguity to the language of the offeror's promise, it is presumed to be a ___________ . True - answer- no act of performance is necessary to create a bilateral contract. True or False? bilateral contract. It was created the moment that the painter promised to paint the store. Painter can be sued if the store isn't painted by the deadline, and the customer can also be sued if the painter isn't paid. - answer- "If you promise to paint my store by July 1st, I will pay you $3000. Painter says, "I promise to do so." what is this an example of? unilateral contract - answer- a contract is ___________ if the offeror's offer can be accepted only by the performance of an act by an offeree. There is no contract until the offeree performs the requested act. unilateral contract - answer- An offer to create a __________ cannot be accepted by a promise to perform. It is a "promise for an act." quasi-contract - answer- an equitable doctine whereby a court may award monetary damages to a plaintiff for providing work or services to a defendant even though no actual contract existed. quasi-contract - answer- This doctrine is intended to prevent unjust enrichment and unjust retirement. quasi-contract - answer- A ____________ ___________ is imposed where (1) one person confers a benefit on another, who retains the benefit, and (2) it would be unjust to not require that person to pay for the benefit recovered. True - answer- Implied-in-Law Contract is also called Quasi-Contract. True or False? Yes. Under the doctrine of quasi-contract, victim is responsible for any charges that are not covered by her insurance coverage. - answer- Victim of a car accident is knocked unconscious and rushed to the hospital, and doctors perform the necessary actions to save the victims life. The victim wakes up from a coma only to see bills from the hospital. Are these charges reasonable? bilateral contract - answer- a promise for a promise unilateral contract - answer- a promise for an act express contract - answer- a contract expressed in oral or written words implied-in-fact contract - answer- a contract inferred from the conduct of the parties implied-in-law contract (quasi-contract) - answer- a contract implied by law to prevent unjust enrichment formal contract - answer- a contract that requires a special form or method of creation informal contract - answer- a contract that requires no special form or method of creation executed contract - answer- a completed contract that has been fully performed on both sides executory contract - answer- a contract that has not been performed on both sides executory contracts - answer- contracts that have been fully performed by one side but not by the other are classified as ..... actual contract - answer- a ____________ contract may be either expressed or implied-in-fact. express contract - answer- most personal and business contracts; stated in oral or written form........ express contract - answer- a written agreement to buy an automobile from a dealership is a __________ contract because it is in written words express contract - answer- an oral agreement to purchase a neighbor's bicycle is a ___________ contract because it is in oral words. 1. the plaintiff provided property or services to the defendant. 2. the plaintiff expected to be paid by the defendant for the property or services and did not provide for the property or services gratuitously. 3. the defendant was given an opportunity to reject the property or services provided by the plaintiff but failed to do so. - answer- Elements that must be established to create an implied-in-fact contract. executory contract because the contract has not yet been performed - answer- Customer signs to purchase a new car but has not paid for the car yet and the car has not been delivered. executory contract because company has not completed the contract yet. - answer- Customer has paid for the car but the car has not yet been delivered. true - answer- contract is only considered executed if all tasks on both sides have been completed. True or False? counteroffer - answer- a ______________ by the offeree simultaneously terminates the offeror's offer and creates a new offer. - counteroffer - rejection - answer- generally, a _____________ is not effective until it is actually received by the offeror. rejection - answer- a ____________ may be evidenced by the offeree's express words (oral or written) or conduct. rejects - answer- an offer is terminated if the offeree __________ it. communicated - answer- an offer cannot be accepted if it is not _____________ to the offeree by the offeror or a representative or an agent of the offeror. No, because the CEO of Ace never communicated the offer to Baker Corp., there is no offer to be accepted. (Communication of an offer) - answer- CEO of Ace Corp.