BLAW 3391 Pleasant Exam 3 Contracts – Questions
With Complete Solutions
Contract Correct Answer - Legally enforceable agreement (enforceable
in a court of law) that is created when 2 or more competent parties agree to
perform, or to avoid performing, certain acts that they have a legal right to do
and that meet certain legal requirements.
Oral Contract Correct Answer - Not in writing or signed by the parties,
but it is a real contract created entirely by the conversation of the parties (in
person, phone, video, etc.)
Written Contract Correct Answer - Reduced to writing on a permanent
surface. Can be a handwritten note or any other memorandum containing the
terms of the agreement, as long as it's signed by the party or parties who wish
to be bound by the agreement
Expressed Contract Correct Answer - One that specifically states the
agreement of the parties (written or oral)
Implied Contract Correct Answer - The terms and actions of the parties
dictate an implied contract
Formal Contract Correct Answer - Specialty Contract. Written contract
under seal or in a certain form. The seal may consist of an impression on the
paper or a notary stamp
Simple Contract Correct Answer - Informal contract without a seal or in
certain form (even though the subject matter of the contract may be
extremely complex and may involve huge amounts of money)
Entire Contract Correct Answer - Indivisible Contract. Has two or more
parts. Each part is dependent on the others for satisfactory performance. Must
be completely performed. (Chairs and Desks)
Divisible Contract Correct Answer - Made up of two or more parts and
each part is independent of the others. (Keurig Coffee and Chairs)
, Bilateral Contract Correct Answer - is a promise for a promise
- is a reciprocal arrangement between two parties by which each promises to
perform an act in exchange for the other party's act.
Unilateral Contract Correct Answer - is an act for a reward, NOT a
promise to do something (EX: I promise to find your dog for the reward $ =
NOT Unilateral)
Executed Contract Correct Answer - Contract has been fully performed
by both parties
Executory Contract Correct Answer - Contract has NOT been fully
performed by both parties (can be partially executory or completely
executory)
Complete Performance Correct Answer - Fully performed
Substantial Performance Correct Answer - Good Faith. All terms and
conditions are executed with the exception of minor details. No material effect
on the intent of the agreement.
Tender of Performance Correct Answer - An offer to perform. Evidence
of a party's willingness to fulfill the terms of a contract.
Refusal of a T.o.P: Relieves the party making the offer of obligation to perform.
May sue the other party for breach of contract.
Tender of Goods Correct Answer - An offer to provide goods agreed
upon. Evidence of a party's willingness to fulfill the terms of a contract.
Refusal of T.o.G: Relieves the party making the offer of 5 obligation to
provide.May sue the other party for breach of contract
Tender of Payment Correct Answer - An offer of money in payment of an
obligation. Evidence of a party's willingness to fulfill the terms of a contract.
Refusal of T.o.P: DOES NOT CANCEL DEBT. Penalties and interest cannot be
charged beyond the date of the offer of payment.
With Complete Solutions
Contract Correct Answer - Legally enforceable agreement (enforceable
in a court of law) that is created when 2 or more competent parties agree to
perform, or to avoid performing, certain acts that they have a legal right to do
and that meet certain legal requirements.
Oral Contract Correct Answer - Not in writing or signed by the parties,
but it is a real contract created entirely by the conversation of the parties (in
person, phone, video, etc.)
Written Contract Correct Answer - Reduced to writing on a permanent
surface. Can be a handwritten note or any other memorandum containing the
terms of the agreement, as long as it's signed by the party or parties who wish
to be bound by the agreement
Expressed Contract Correct Answer - One that specifically states the
agreement of the parties (written or oral)
Implied Contract Correct Answer - The terms and actions of the parties
dictate an implied contract
Formal Contract Correct Answer - Specialty Contract. Written contract
under seal or in a certain form. The seal may consist of an impression on the
paper or a notary stamp
Simple Contract Correct Answer - Informal contract without a seal or in
certain form (even though the subject matter of the contract may be
extremely complex and may involve huge amounts of money)
Entire Contract Correct Answer - Indivisible Contract. Has two or more
parts. Each part is dependent on the others for satisfactory performance. Must
be completely performed. (Chairs and Desks)
Divisible Contract Correct Answer - Made up of two or more parts and
each part is independent of the others. (Keurig Coffee and Chairs)
, Bilateral Contract Correct Answer - is a promise for a promise
- is a reciprocal arrangement between two parties by which each promises to
perform an act in exchange for the other party's act.
Unilateral Contract Correct Answer - is an act for a reward, NOT a
promise to do something (EX: I promise to find your dog for the reward $ =
NOT Unilateral)
Executed Contract Correct Answer - Contract has been fully performed
by both parties
Executory Contract Correct Answer - Contract has NOT been fully
performed by both parties (can be partially executory or completely
executory)
Complete Performance Correct Answer - Fully performed
Substantial Performance Correct Answer - Good Faith. All terms and
conditions are executed with the exception of minor details. No material effect
on the intent of the agreement.
Tender of Performance Correct Answer - An offer to perform. Evidence
of a party's willingness to fulfill the terms of a contract.
Refusal of a T.o.P: Relieves the party making the offer of obligation to perform.
May sue the other party for breach of contract.
Tender of Goods Correct Answer - An offer to provide goods agreed
upon. Evidence of a party's willingness to fulfill the terms of a contract.
Refusal of T.o.G: Relieves the party making the offer of 5 obligation to
provide.May sue the other party for breach of contract
Tender of Payment Correct Answer - An offer of money in payment of an
obligation. Evidence of a party's willingness to fulfill the terms of a contract.
Refusal of T.o.P: DOES NOT CANCEL DEBT. Penalties and interest cannot be
charged beyond the date of the offer of payment.
