Chapter 10: Nature and Terminology quiz

What is the term for a contract agreement in which an offeror promises to pay after the occurrence of a specified act, and the offeree is not required to respond in words? A. Open contract B. Bilateral contract C. Executed contract D. Unilateral contract

D. Unilateral contract

What type or contract exists when at least one party has the option of canceling it? A. Void B. Bilateral C. Unenforceable D. Voidable

D. Voidable

If an individual shopping for groceries opens a bottle of water from their car and drinks it before they have paid for their items: A. a unilateral contract has been created B. a bilateral contract has been created C. a voidable contract has been created D. a quasi-contract has been created

D. a quasi-contract has been created

When an agreement fails to qualify as an enforceable contract, but one of the parties breaches the agreement, the non-breaching party: A. May sue for reformation B. May sue for specific performance C. May sue for unjust enrichment D. Has no remedy

C. May sure for unjust enrichment

Sal has ordered 100 pounds of shrimp for his restaurant from Sam every Friday for 5 years and has always paid that week's market price. One Friday, Sal decides to take a vacation but doesn't tell Sam. Same claims they have a contract, even though it was never written down. What kind of contract do they have? A. Express B. Quasi C. Implied-in-fact D. Implied-in-law

C. Implied-in-fact

Contests, lotteries, and competitions with prizes are common examples of: A. Void contracts B. Implied in law contracts C. Unilateral contracts D. Bilateral contracts

C. Unilateral contracts

When ambiguity in a contract's language exists, a court will: A. Consider extrinsic evidence of the language B. Apply the most common meaning of the term regardless of the parties' intent C. Only use the language of the contract to figure out its meaning D. Interpret the terms against the drafting party

D. Interpret the terms against the drafting party

Quon and Bert have signed a contract for Bert to mow Quon's grass every week in June, July, and August for a price of $40 per week. They have agreed to all the necessary terms, but Bert has not yet mowed because it is still May. What type of contract do they have? A. Executory B. Void C. Executed D. Unilateral

A. Executory

What factors make an agreement enforceable under the principle of quasi-contract? Choose 2 answers. A. The courts determine that an enforceable contract exists. B. The enriched party knows about the benefit and keeps it. C. The enriching party is negligent. D. One party is being enriched at the expense of the other.

B. The enriched party knows about the benefit and keeps it. D. One party is being enriched at the expense of the other.

When party A and B form a contract and both parties fully perform, the contract is considered: A. Valid B. Executory C. Invalid D. Executed

D. Executed