Contracts

Your Topic ContractsExpressed and implied contracts Bilateral and unilateral contract Random questions on contracts Bonus Question: 5000 pts

Topic 1: 200 Question: what is a contract? Answer Is an agreement enforceable by law

Topic 1: 400 Question: What is an offer? Answer A proposal by one party to another intended to create a legally binding agreement.

Topic 1: 600 Question: What does it mean when a person accepts a contract? Answer: The second party unqualified willingness to go along with the first party's proposal.

Topic 1: 800 Question: What is a genuine agreement? Answer An agreement is true and genuine: a valid offer is met by a valid acceptance.

Topic 1: 1000 Question: What are the 6 elements of a contract? For 100 points Do all of these elements have to be meet before a contract can be formed. Answer Capacity, consideration, legality, offer, acceptance genuine agreement.

Topic 2: 200 Question: which contract is used more unilateral or bilateral? Answer: Bilateral contracts are used more

Topic 2: 400 Question: When you go into a gas station and hand $20 to the cashier to fill up your car and both parties dont exchange a single word What kind of contract is this? Answer: An implied contract

Topic 2: 600 Question: The landlord presents Joe with a preprinted lease on the apartment Joe wants and Joe agrees to the terms and signs it. What type of contract is this? Answer This is an express, written contract.

Topic 2: 800 Question: I offer to sell you my 1967 Mustang and after some negotiations, you agree to purchase it on the terms we have worked out, a bargain for less than $500! What type of contract is this? Answer This is an express oral contract.

Topic 2: 1000 Question: What is the difference between an expressed and an implied contract? Answer: An expressed contact is a contract statement that may be oral or written. An implied contract is a contract that comes about from the actions of the party.

Topic 3: 200 Question: What is a bilateral contract? Answer A contract that contains two promises.

Topic 3: 400 Question: What is a unilateral contract? Answer A contract that contains a promise by only one person to do something, if and when the other party performs some acts.

Topic 3: 600 Question: Joe promises to pay Jane $25 and Jane promises to mow Joe's lawn next weekend. Is this a unilateral or implied contract? Answer This is a bilateral contract?

Topic 3: 800 Question: After you mow my lawn, I promise to pay you $25. Is this a unilateral or implied contract? Answer This is a unilateral contract

Topic 3: 1000 Question: What is the difference between a unilateral or implied contract? Answer An unilateral contract is the promise of one person and an implied contract is a contract between 2 people.

Topic 4: 200 Question: What is invitations to negotiate? Answer: Invitation to negotiate is invitations to deal, trade, or make an offer.

Topic 4: 400 Question: What are mirror image rule? Answer: Terms that are stated in a acceptance must exactly mirror or match the terms of the offer.

Topic 4: 600 Question: What is a counteroffer? For 100 points Give and example of a counteroffer? Answer: A counteroffer is a response to an offer in which the terms of the original offer are changed.

Topic 4: 800 Question: What is rejection? Answer: A refusal of an offer by the offeree that brings the offer to an end.

Topic 4: 1000 Question: What are the 3 requirements of an offer. Answer: Serious intent Definiteness communication

Bonus round For 5000 points complete this chart? Offer Termination Acceptance 1. 2.