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