Quasi contract - Study guides, Class notes & Summaries

bul 4421Exam 2024 Questions anThe term "consideration" in relation to contracts involves parties acting in an ethical manner. - ANSWERSfalse The Restatement (Second) of the Law of Contracts is not actually the law itself. - ANSWERStrue Whether a contract is bilateral or unilateral depends upon what response the offeror expects from the offeree. - ANSWERStrue Today, courts hold that once an offeree begins performance on a unilateral contract, the offeror must hold the offer open for a ...

Contract - A binding agreement that courts will enforce Requirements of a Contract - Mutual Assent, Consideration, Legality of Object, Capacity Express Contract - A contract, the terms of which are stated either orally or in writing Implied-in-Fact - A contract not created by the explicit agreement of the parties, but mutual assent is inferred by acts or circumstances Implied-at-law (quasi-contract) - No contract; Equitable remedy to prevent unjust enrichment Measure of recovery - not cont...

Business Law Exam #2 (STUDY GUIDE) with complete solutions rated A+Contract - correct answer Agreement that is enforceable by a court of law or equity Unilateral Contract - correct answer A contract in which the offeror's offer can be accepted only by the performance of an act by the offeree. (A promise for an act) Express Contract - correct answer An agreement that is expressed in written or oral words Quasi-Contract - correct answer An equitable doctrine whereby a court may award mon...

Definition of a Contract - ️️Total legal OBLIGATION which results from the parties' agreement. Requirements for a Valid Contract - ️️1)Agreement between Parties, 2)Agreement supported by Consideration, 3) Legal Capacity of the Parties, 4)Legal Purpose, 5) Agreement in the Proper form. 3 Kinds of Contracts - ️️Express, Implied Quasi Express Contract - ️️Agreement of the Parties manifested by their words, whether spoken or written. Implied Contract - ️️When people ...

Administrative Agency - Answer ️️ An organization, usually a part of the executive branch of government, that is created to serve a specific purpose as authorized by the legislative branch Function is usually characterized as quasi-legislative or quasi-judicial Quasi-legislative - Answer ️️ Describes the rule-making functions of administrative agencies Quasi-judicial - Answer ️️ Administrative actions involving factual determinations and the discretionary application of rules an...

Contract Law for Paralegals Exam Questions and Answers 100% Pass What is a contract? -Answer-a contract is a legally enforceable agreement composed of a promise or promises that have been agreed on and that create both rights and duties for the parties to the agreement. Requires: - mutual assent, - consideration, aka "bargained-for exchange of promises", and - no defenses to formation. (#1, 8) . What law applies to: Services Land Goods -Answer-• common law (state case law) for se...

The term "consideration" in relation to contracts involves parties acting in an ethical manner. - ANSWERSfalse The Restatement (Second) of the Law of Contracts is not actually the law itself. - ANSWERStrue Whether a contract is bilateral or unilateral depends upon what response the offeror expects from the offeree. - ANSWERStrue Today, courts hold that once an offeree begins performance on a unilateral contract, the offeror must hold the offer open for a reasonable time to allow the o...

The term "consideration" in relation to contracts involves parties acting in an ethical manner. - ANSWERSfalse The Restatement (Second) of the Law of Contracts is not actually the law itself. - ANSWERStrue Whether a contract is bilateral or unilateral depends upon what response the offeror expects from the offeree. - ANSWERStrue Today, courts hold that once an offeree begins performance on a unilateral contract, the offeror must hold the offer open for a reasonable time to allow the o...

Definiteness of terms - ️️a) Generally, an offer must express the following items: i) Identification of the parties. ii) Object or subject matter of the contract. iii) Consideration to be paid. iv) Time of payment, delivery, or performance Promisor - ️️Makes the promise Promisee - ️️A person to whom a promise is made. Bilateral - ️️Offeree must only promise to perform (A promise for a promise) Unilateral - ️️Offeree can accept the offer only by completing the contract...

BLAW 3391 Final Exam Questions With Verified Answers 100% Solved 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 a duty." Covenant not to complete restrict what an employee may do after leaving a company, and they often dictate where, when, and with whom an employee may work Four elements needed for a contract: Agreement, the consideration, contractual capacity, and legal object ...