Assignment 2 - Contract Law Exam Questions and Answers 100% Solved

Assignment 2 - Contract Law Exam

Questions and Answers 100% Solved


Contract - ✔✔A legally enforceable agreement between two or more

parties in which each party makes some promise to the other

Promisee - ✔✔The party to a contract to whom a promise is made

Promisor - ✔✔The party to a contract making a promise

Privity of contract - ✔✔The relationship that exists between the parties to a

contract

Third-party beneficiary - ✔✔A person who is not a party to a contract but

who benefits from it and has a legal right to enforce the contract if it is

breached by either of the contracting parties

Breach of contract - ✔✔The failure, without legal excuse, to fulfill a

contractual promise

Unilateral contract - ✔✔A contract in which only one party makes a promise

or undertakes the requested performance

, Bilateral contract - ✔✔A contract in which each party promises a

performance

Executed contract - ✔✔A contract that has been completely performed by

both parties

Executory contract - ✔✔A contract that has not been completely performed

by one or both of the parties

Implied contract - ✔✔A contract whose terms and intentions are indicated

by the actions of the parties to the contract and the surrounding

circumstances

Express contract - ✔✔A contract whose terms and intentions are explicitly

stated

Implied-in-fact contract - ✔✔A contract that is not express but that the

parties presumably intended, either by tacit understanding or by the

assumption that it existed

Implied-in-law contract - ✔✔An obligation that is not an actual contract but

that is imposed by law because of the parties' conduct or some special

relationship between them or because one of them would otherwise be

unjustly enriched