Accy 411: Contract Terms || 100% CORRECT!!
Express Contract correct answers A contract in which the terms of the agreement are fully
and explicitly stated in words, oral or written.
Implied-in-fact contract correct answers a contract in which agreement between parties has
been inferred from their conduct
Quasi Contract correct answers An obligation or contract imposed by law (a court), in the
absence of an agreement, to prevent the unjust enrichment of one party.
Bilateral Contract correct answers A type of contract that arises when a promise is given in
exchange for a return promise.
Unilateral Contract correct answers A contract that results when an offer can be accepted
only by the offeree's performance. (A promise for an act)
executory contract correct answers A contract that has not yet been fully performed.
Executed Contract correct answers A contract that has been completely performed by both
parties.
output contract correct answers An agreement in which a seller agrees to sell and a buyer
agrees to buy all or up to a stated amount of what the seller produces.
Requirement Contract correct answers Buyer agrees to purchase all goods needed/required
from designated seller
Emancipation correct answers the fact or process of being set free from legal, social, or
political restrictions; liberation.
Necessaries correct answers Necessities required for life, such as food, shelter, clothing, and
medical attention.
Statue of Frauds correct answers A state statute under which certain types of contracts must
be in writing to be enforceable.
Mutual Mistake correct answers both parties to a contract have an incorrect belief about an
important fact
Unilateral Mistake correct answers A mistake that occurs when one party to a contract is
mistaken as to a material fact.
Parol Evidence Rule correct answers A substantive rule of contracts under which a court will
not receive into evidence the parties' prior negotiations, prior agreements, or
contemporaneous oral agreements if that evidence contradicts or varies the terms of the
parties' written contract.
Express Contract correct answers A contract in which the terms of the agreement are fully
and explicitly stated in words, oral or written.
Implied-in-fact contract correct answers a contract in which agreement between parties has
been inferred from their conduct
Quasi Contract correct answers An obligation or contract imposed by law (a court), in the
absence of an agreement, to prevent the unjust enrichment of one party.
Bilateral Contract correct answers A type of contract that arises when a promise is given in
exchange for a return promise.
Unilateral Contract correct answers A contract that results when an offer can be accepted
only by the offeree's performance. (A promise for an act)
executory contract correct answers A contract that has not yet been fully performed.
Executed Contract correct answers A contract that has been completely performed by both
parties.
output contract correct answers An agreement in which a seller agrees to sell and a buyer
agrees to buy all or up to a stated amount of what the seller produces.
Requirement Contract correct answers Buyer agrees to purchase all goods needed/required
from designated seller
Emancipation correct answers the fact or process of being set free from legal, social, or
political restrictions; liberation.
Necessaries correct answers Necessities required for life, such as food, shelter, clothing, and
medical attention.
Statue of Frauds correct answers A state statute under which certain types of contracts must
be in writing to be enforceable.
Mutual Mistake correct answers both parties to a contract have an incorrect belief about an
important fact
Unilateral Mistake correct answers A mistake that occurs when one party to a contract is
mistaken as to a material fact.
Parol Evidence Rule correct answers A substantive rule of contracts under which a court will
not receive into evidence the parties' prior negotiations, prior agreements, or
contemporaneous oral agreements if that evidence contradicts or varies the terms of the
parties' written contract.
