Connect Chp. 13 Quiz

Which of the following represents the legal ability to enter into a binding agreement?

Contractual capacity - Contractual capacity is the legal ability to enter into a binding agreement.

Once all the terms of the contract have been fully performed, the contract is said to be ___________.

Executed - Once all the terms of the contract have been fully performed, the contract has been executed.

As long as some of the duties under a contract have not yet been performed, the contract is considered ________________.

Executory - As long as some of the terms have not yet been performed, a contract is executory.

In which of the following does a contract arise not from words but from the conduct of the parties?

Implied contracts - arise not from words but from the conduct of the parties.

The person who agrees to the terms of an offer made by the other party is called the _________.

Offeree - The agreement consists of an offer by one party, called the offeror, to enter into a contract and an acceptance of the terms of the offer by the other party, called the offeree.

Which of the following is sometimes referred to as an implied-in-law contract?

Quasi-contracts - are sometimes called implied-in-law contracts, but they are not actually contracts.

As a general rule, the ________ intent of the parties is not relevant when determining whether a contract exists; rather, what is relevant is how they represented their intent through their actions and words.

Subjective - The subjective intent of the parties is not usually relevant; what matters is how they represented their intent through their actions and words.

Which of the following is the most likely measure of recovery when a quasi-contract is involved?

The fair market value of the matter involved. - In situations in which the court imposes a quasi-contract, the amount awarded will probably be based on fair market value.

A[n] _____________ contract is one that contains all the legal elements of a contract.

Valid - A valid contract is one that contains all the legal elements of a contract.

A contract is ______________ if one or both of the parties, without breaching the contract, have the ability to either withdraw from the contract or enforce it.

Voidable - A contract is voidable if one or both parties have the ability to either withdraw from the contract or enforce it.