Practice Exam

What is the difference between a bilateral and unilateral contract?

A bilateral contract is a promise for a promise. A unilateral contract depends on the offeree's performance.

What is the definition of a quasi contract?

A contract imposed by law, in the absence of an agreement to prevent the unjust enrichment of one party

What is an executory contract?

A contract that has not been fully performed

What is the definition of a unilateral contract?

A contract that results when an offer can be accepted only by the offeree's performance

What is the definition of a bilateral contract?

A type of contract that arises when a promise is given in exchange for a return promise

What are requirements of a contract?

Agreement Consideration Contractual Capacity Leagality

A lease for an apartment is what kind of a contract?

Express Contract

What is forbearance?

The act of refraining from an action that one has legal right to undertake

What does consideration mean?

The value given in return for a promise or performance in a contractual agreement