The common law governs all contracts EXCEPT:
When it has been modified or replaced by a statutory law
What is the function of contract law?
To assure that the promises parties make in a private agreement will be enforceable
What is the definition of a contract?
A promise or set of promises for...
MGMT 311 EXAM 3 QUESTIONS AND
ANSWERS 2025
The common law governs all contracts EXCEPT:
When it has been modified or replaced by a statutory law
What is the function of contract law?
To assure that the promises parties make in a private agreement will be
enforceable
What is the definition of a contract?
A promise or set of promises for the breach of which the law gives a remedy, or
the performance of which the law is some way recognizes as a duty.
What are the two parties involved in a contract?
The offeror and offeree
What is a offeror?
The party making the offer to form a contract
What is the offeree?
The party to whom the offer is made.
If the offeree can accept an offer simply by promising to perform, the contract is a:
Bilateral Contract
If the offer is phrased so that the offeree can accept only be actual performance
(not by a promise to perform) the contract is a:
Unilateral Contract
What is a Express Contract?
When the terms of the agreement (whether oral or written) are explicitly stated.
What is a Implied Contract?
MGMT 311 EXAM 3
,MGMT 311 EXAM 3
When the parties conduct create and define the terms of the contract.
Implied contracts are typically formed when:
1. The plaintiff furnished some goods or services
2. The plaintiff expected to be paid and the defendant knew or should have know
that the payment was expected
3. Defendant had a chance to reject the goods or services and did not
What are Quasi Contracts?
Fictional contracts that the courts impose on the parties "as if" the parties had
entered into an actual contract
Why are Quasi contracts imposed by the courts?
To avoid the unjust enrichment of one party at the expense of another.
What is a Executed Contract?
A contract that has been fully performed by both or all of the parties
What is a Executory Contract?
A contract that has not been fully performed by one or more parties.
What are the four categories of enforceability?
1. Valid
2. Voidable
3. Unenforceable
4. Void
What is a Valid Contract?
A contract with an agreement, consideration, contractual capacity, form, and
legality.
What is a Voidable Contract?
A Valid Contract that can be (but does not have to be) legally avoided, canceled, or
annulled by one of the parties.
What is a Unenforceable Contract?
MGMT 311 EXAM 3
, MGMT 311 EXAM 3
An otherwise valid contract that may be rendered unenforceable by statute or
other law.
What is a Void Contract?
A contract with no legal or binding effect
What are the requirements of a Valid Contract?
1. Agreement
2. Consideration
3. Contractual Capacity
4. Legal
An agreement consists of an:
Offer and an acceptance
An offer is a:
Promise to do or refrain from doing some specified action in the future.
What are the requirements of an offer?
- The offeror must have a serious intention to become bound by the offer
- The offer's terms must be reasonably certain or definite
- The offer must be communicated to and received by the offeree
What is Intention?
Judged by what a reasonable person in the offeree's position would conclude
about the offer.
These statements are generally not considered offers because the necessary
intent is usually lacking:
- Expressions of opinion
- Statements of future intent
- Preliminary Negotiations
- Advertisements
For the offer to be reasonably certain or definite the offer must express the
following items:
MGMT 311 EXAM 3
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