LEGL 3000 Chapter 8 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Some promises are not legally binding.
answer
T
question
Resolving whether a promise should be enforced is a function of contract law.
answer
T
question
A party's intent to enter into a contract is judged by their personal, subjective intent or belief.
answer
F
question
If a contractual promise is not fulfilled, the person who made it may be required to perform the promised act.
answer
T
question
The only requirement of a valid contract is that it be voluntarily entered into.
answer
F
question
Every contract involves at least three parties.
answer
F
question
"Consideration" refers to the voluntary consent of all of the parties to a contract.
answer
F
question
One of the elements of a valid contract is a fair price.
answer
F
question
A bilateral contract comes into existence at the moment an offer is made.
answer
F
question
An offer to form a unilateral contract is accepted by a promise to perform.
answer
F
question
A contract can be created only when a promise is given in exchange for another promise.
answer
F
question
No offer may be revoked before it is accepted.
answer
F
question
Informal contracts are usually based on their substance rather than their form.
answer
T
question
An express contract must be in writing.
answer
F
question
An implied contract is not an actual contract.
answer
F
question
Informal contracts include all contracts other than formal contracts.
answer
T
question
In an express contract, the terms are fully stated in words.
answer
T
question
An implied contract is implied from the words of the parties.
answer
F
question
An executory contract is one that has been fully performed.
answer
F
question
An executed contract is one that has been fully performed.
answer
T
question
If a voidable contract is avoided, the parties to it are released from it.
answer
T
question
A void contract is enforceable if it is in writing.
answer
F
question
An unenforceable contract is one that cannot be enforced because of certain legal defenses against it.
answer
T
question
A void contract produces legal obligations on the parties but is not otherwise enforceable.
answer
F
question
A quasi contract is a true contract.
answer
F
question
A party who confers a benefit on someone else unnecessarily can invoke the principle of quasi contract to recover the cost.
answer
F
question
The doctrine of quasi contract can be used only when there is an actual con-tract that covers the matter in controversy.
answer
F
question
Plain language laws regulate some types of contracts to require "legalese."
answer
F
question
A reasonable, lawful, and effective meaning will normally be given to all of a contract's terms.
answer
T
question
When the words in a contract have more than one meaning, they are cut from the contract.
answer
F
