Assignment 2 - Contract Law Exam
Questions and Answers 100% Solved
Contract - ✔✔A legally enforceable agreement between two or more
parties in which each party makes some promise to the other
Promisee - ✔✔The party to a contract to whom a promise is made
Promisor - ✔✔The party to a contract making a promise
Privity of contract - ✔✔The relationship that exists between the parties to a
contract
Third-party beneficiary - ✔✔A person who is not a party to a contract but
who benefits from it and has a legal right to enforce the contract if it is
breached by either of the contracting parties
Breach of contract - ✔✔The failure, without legal excuse, to fulfill a
contractual promise
Unilateral contract - ✔✔A contract in which only one party makes a promise
or undertakes the requested performance
, Bilateral contract - ✔✔A contract in which each party promises a
performance
Executed contract - ✔✔A contract that has been completely performed by
both parties
Executory contract - ✔✔A contract that has not been completely performed
by one or both of the parties
Implied contract - ✔✔A contract whose terms and intentions are indicated
by the actions of the parties to the contract and the surrounding
circumstances
Express contract - ✔✔A contract whose terms and intentions are explicitly
stated
Implied-in-fact contract - ✔✔A contract that is not express but that the
parties presumably intended, either by tacit understanding or by the
assumption that it existed
Implied-in-law contract - ✔✔An obligation that is not an actual contract but
that is imposed by law because of the parties' conduct or some special
relationship between them or because one of them would otherwise be
unjustly enriched
Questions and Answers 100% Solved
Contract - ✔✔A legally enforceable agreement between two or more
parties in which each party makes some promise to the other
Promisee - ✔✔The party to a contract to whom a promise is made
Promisor - ✔✔The party to a contract making a promise
Privity of contract - ✔✔The relationship that exists between the parties to a
contract
Third-party beneficiary - ✔✔A person who is not a party to a contract but
who benefits from it and has a legal right to enforce the contract if it is
breached by either of the contracting parties
Breach of contract - ✔✔The failure, without legal excuse, to fulfill a
contractual promise
Unilateral contract - ✔✔A contract in which only one party makes a promise
or undertakes the requested performance
, Bilateral contract - ✔✔A contract in which each party promises a
performance
Executed contract - ✔✔A contract that has been completely performed by
both parties
Executory contract - ✔✔A contract that has not been completely performed
by one or both of the parties
Implied contract - ✔✔A contract whose terms and intentions are indicated
by the actions of the parties to the contract and the surrounding
circumstances
Express contract - ✔✔A contract whose terms and intentions are explicitly
stated
Implied-in-fact contract - ✔✔A contract that is not express but that the
parties presumably intended, either by tacit understanding or by the
assumption that it existed
Implied-in-law contract - ✔✔An obligation that is not an actual contract but
that is imposed by law because of the parties' conduct or some special
relationship between them or because one of them would otherwise be
unjustly enriched
