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BLAW 201 Drexel University Business Law 201: Contract Law Questions With Complete Solutions
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BLAW 201 Drexel University Business Law 201: Contract Law Questions With Complete Solutions
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BLAW 201 Drexel University Business Law 201: ContractLaw Questions With Complete Solutions
Executed Contract Answers Contract that has been fully performed by both parties
Executory Contract Answers Either party still has something to do to complete the contract
Valid Answers Contract which is binding and enforceable
Voidable Answers Contract is able to be cancelled under certain circumstances by law
Void Answers Agreement that was never enforceable from the
beginning (ex. party was legally mentally incapacitated)
Bilateral Contract Answers A promise, an agreement
Unilateral Contract Answers In order to make the contract the act must be done
Breach Contract Answers One or more parties fails to complete the agreement in the contract
Express Contract Answers Any contract where the terms are expressly started, whether orally or in writing
Implied Contract Answers Contract implied by the actions of the parties What makes an implied contract? Answers 1) Service rendered
and benefit confirmed
2) The person performing the service reasonable expects to be paid (reasonable: determined by judge or jury)
3) Person receiving the benefit reasonable expects to pay for it
4) The person receiving the benefit knows that the work is being
done and does nothing to stop it
Quasi Contract Answers Very unusual; judge has discretion to determine whether or not it exists
What makes a quasi contract? Answers 1) Service rendered and benefit confirmed
2) The person performing the service reasonable expects to be paid (reasonable: determined by judge or jury)
3) The person performing the service was not acting as a volunteer
4) The judge determines that it would not be fair to allow someone to recover
Intent To Be Bound Answers To create a contract there must be intent to be bound on both parties. What the other person perceives matters more than someone's actual intent (people can't read minds, nobody knows what the person's intent was)
Offer Answers Expression of the offeror's intent to enter into a
contract based on the terms contained in the offer
Invitation to Negotiate Answers Invitation to get involved in a conversation to possibly create a contract
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