UND Acct 315 Business Law Test 2 (Ch. 10-13) || 100%
Verified.
bilateral contract correct answers a type of contract that arises when a promise is given in
exchange for a return promise
contract correct answers a set of promises constituting an agreement between parties, giving each
a legal duty to the other and the right to seek a remedy for the breach of the promises or duties.
(A legally enforced promise)
executed contract correct answers a contract that has been fully performed by both parties
executory contract correct answers a contract that has not yet been fully performed
express contract correct answers a contract in which the terms of the agreement are stated in
words, oral or written
extrinsic evidence correct answers any evidence not contained in the contract itself, which may
include the testimony of the parties, additional agreements or communications, or other
information relevant to determining the parties' intent
formal contract correct answers an agreement that by law requires a specific form for its validity
implied contract correct answers a contract formed in whole or in part from the conduct of the
parties...CONDUCT
informal (simple) contract correct answers a contract that does not require a specific form or
method of creation to be valid
objective theory of contracts correct answers the view that contracting parties shall only be
bound by terms that can be objectively inferred from promises made
offeree correct answers a person to whom an offer is made
offeror correct answers a person who makes an offer
promise correct answers a declaration that binds a person who makes it (the promisor) to do or
not to do a certain act
quantum meruit correct answers a Latin phrase meaning "as much as he or she deserves" The
expression describes the extent of compensation owed under a quasi contract
quasi (implied in law) 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
, unenforceable contract correct answers a valid contract that results when an offer can be
accepted only by the offeree's performance (A contract exists, but it cannot be enforced because
of a legal defense)
unilateral contract correct answers a type of contract that results when an offer can be accepted
only by the offeree's performance
valid contract correct answers a contract that results when the elements necessary for contract
formation (agreement, consideration, capacity, and legality) are present
void contract correct answers a contract having no legal force or biding effect (no contract exists,
or there is a contract without legal obligations)
voidable contract correct answers a contract that may be legally avoided at the option of one or
both of the parties (a party has the option of avoiding or enforcing the contractual obligation)
acceptance correct answers the act of voluntarily agreeing, through words or conduct, to the
terms of an offer, thereby creating a contract. In negotiable instruments law, a drawee's signed
agreement to pay a draft when it is presented
agreement correct answers a mutual understanding or meeting of the minds between two or more
individuals regarding the terms of a contract
browse-wrap term correct answers a term or condition of use that is presented when an online
buyer downloads a product but to which the buyer does not have to agree before installing or
using the product
click-on agreement correct answers an agreement that arises when an online buyer clicks on "I
agree" or otherwise indicates her or his assent to be bound by the terms of an offer
counteroffer correct answers an offeree's response to an offer in which the offeree rejects the
original offer and at the same time makes a new offer
e-contract correct answers a contract that has been formed electronically
e-signature correct answers an electronic sound, symbol, or process attached to or logically
associated with a record and adopted by a person with the intent to sign the record
forum-selection clause correct answers a provision in a contract designating the court,
jurisdiction, or tribunal that will decide any disputes arising under the contract
mailbox rule correct answers a common law rule that acceptance takes effect, and thus completes
formation of the contract, at the time the offeree sends or delivers the acceptance via the
communication mode expressly or impliedly authorized by the offeror
Verified.
bilateral contract correct answers a type of contract that arises when a promise is given in
exchange for a return promise
contract correct answers a set of promises constituting an agreement between parties, giving each
a legal duty to the other and the right to seek a remedy for the breach of the promises or duties.
(A legally enforced promise)
executed contract correct answers a contract that has been fully performed by both parties
executory contract correct answers a contract that has not yet been fully performed
express contract correct answers a contract in which the terms of the agreement are stated in
words, oral or written
extrinsic evidence correct answers any evidence not contained in the contract itself, which may
include the testimony of the parties, additional agreements or communications, or other
information relevant to determining the parties' intent
formal contract correct answers an agreement that by law requires a specific form for its validity
implied contract correct answers a contract formed in whole or in part from the conduct of the
parties...CONDUCT
informal (simple) contract correct answers a contract that does not require a specific form or
method of creation to be valid
objective theory of contracts correct answers the view that contracting parties shall only be
bound by terms that can be objectively inferred from promises made
offeree correct answers a person to whom an offer is made
offeror correct answers a person who makes an offer
promise correct answers a declaration that binds a person who makes it (the promisor) to do or
not to do a certain act
quantum meruit correct answers a Latin phrase meaning "as much as he or she deserves" The
expression describes the extent of compensation owed under a quasi contract
quasi (implied in law) 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
, unenforceable contract correct answers a valid contract that results when an offer can be
accepted only by the offeree's performance (A contract exists, but it cannot be enforced because
of a legal defense)
unilateral contract correct answers a type of contract that results when an offer can be accepted
only by the offeree's performance
valid contract correct answers a contract that results when the elements necessary for contract
formation (agreement, consideration, capacity, and legality) are present
void contract correct answers a contract having no legal force or biding effect (no contract exists,
or there is a contract without legal obligations)
voidable contract correct answers a contract that may be legally avoided at the option of one or
both of the parties (a party has the option of avoiding or enforcing the contractual obligation)
acceptance correct answers the act of voluntarily agreeing, through words or conduct, to the
terms of an offer, thereby creating a contract. In negotiable instruments law, a drawee's signed
agreement to pay a draft when it is presented
agreement correct answers a mutual understanding or meeting of the minds between two or more
individuals regarding the terms of a contract
browse-wrap term correct answers a term or condition of use that is presented when an online
buyer downloads a product but to which the buyer does not have to agree before installing or
using the product
click-on agreement correct answers an agreement that arises when an online buyer clicks on "I
agree" or otherwise indicates her or his assent to be bound by the terms of an offer
counteroffer correct answers an offeree's response to an offer in which the offeree rejects the
original offer and at the same time makes a new offer
e-contract correct answers a contract that has been formed electronically
e-signature correct answers an electronic sound, symbol, or process attached to or logically
associated with a record and adopted by a person with the intent to sign the record
forum-selection clause correct answers a provision in a contract designating the court,
jurisdiction, or tribunal that will decide any disputes arising under the contract
mailbox rule correct answers a common law rule that acceptance takes effect, and thus completes
formation of the contract, at the time the offeree sends or delivers the acceptance via the
communication mode expressly or impliedly authorized by the offeror
