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CH. 4 What is a Contract questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating
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CH. 4 What is a Contract questions and correct answers (elaborations) with 100% accurate , verified , latest fully updated , 2024/2025 ,already passed , graded a+, complete solutions guarantee distinctions rationales| 5-star rating

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  • August 5, 2024
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  • 2024/2025
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CH. 4 What is a Contract?
... - ANS-An offer can be terminated, rather than accepted in five ways: revocation, counteroffer,
death or insanity, rejection, and expiration of time

1. A bilateral contract is when both parties promise to do something.
2. A unilateral contract is when one party promises to do something only if the other party does
something. - ANS-Contracts can be unilateral or bilateral.

1. An express contract is a contract stated in words and may be either written or oral.
2. An implied contract comes about from the actions of the parties. - ANS-A contract can be
express or implied.

2. A contract is void if it lacks one or more of the elements of a contract.
3. A contract is voidable if either party can cancel the contract for a legal reason.
4. A contract is unenforceable if it will not hold up in court. - ANS-Contracts can be valid, void,
voidable, or unenforceable.
1. A contract is valid if it is legally good.

Acceptance of an offer by an offeree has two basic requirements: 1. must be unconditional, and
2. it must be communicated to the offeror - ANS-To be valid, an offer must be: made seriously,
definite and certain, communicated to the offeree

offer, capacity, legality, acceptance, consideration, genuine agreement - ANS-A contract
requires six elements:

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