TCU CATALANO BUSINESS LAW EXAM SCRIPT
2026 FULL QUESTIONS AND CORRECT
ANSWERS
◉ what is an express contract? Answer; fully & explicitly stated in
writing or orally expressed to offeree
◉ what is an implied contract? Answer; conduct creates a contract;
implied by fact or law
◉ what is a quasi contract? Answer; a court finds that the plaintiff
gave a benefit to a defendant reasonably expect to be paid
◉ what is a promissory estoppel? Answer; doctrine used by plaintiff
to enforce defendant's promise
◉ what are the elements needed to form a contract? Answer; offer,
acceptance, consideration
◉ what is a valid contract? Answer; has an offer, acceptance, and
consideration
◉ what is a void contract? Answer; a contract that neither party can
validate because it is illegal or a party does not have legal authority
, ◉ what is a voidable contract? Answer; can be terminated by one of
the parties if a party was "forced" to sign
◉ what is an unenforceable contract? Answer; parties intended to
form a contract but 1 party invokes an affirmative defense that
prevents the court from enforcing
◉ what are the stages needed to form a contract? Answer; offer,
acceptance, consideration
◉ what is a unilateral contract? Answer; a binding agreement in
which one party has made an offer that the other party can accept
only by ACTION, not words
◉ what is a bilateral contract? Answer; a promise is made in
exchange for another promise
◉ what is another name for acceptance? Answer; mutual assent
◉ offers must be... Answer; unambiguous, communicated, and the
party must understand that they have the authority to agree or
disagree
2026 FULL QUESTIONS AND CORRECT
ANSWERS
◉ what is an express contract? Answer; fully & explicitly stated in
writing or orally expressed to offeree
◉ what is an implied contract? Answer; conduct creates a contract;
implied by fact or law
◉ what is a quasi contract? Answer; a court finds that the plaintiff
gave a benefit to a defendant reasonably expect to be paid
◉ what is a promissory estoppel? Answer; doctrine used by plaintiff
to enforce defendant's promise
◉ what are the elements needed to form a contract? Answer; offer,
acceptance, consideration
◉ what is a valid contract? Answer; has an offer, acceptance, and
consideration
◉ what is a void contract? Answer; a contract that neither party can
validate because it is illegal or a party does not have legal authority
, ◉ what is a voidable contract? Answer; can be terminated by one of
the parties if a party was "forced" to sign
◉ what is an unenforceable contract? Answer; parties intended to
form a contract but 1 party invokes an affirmative defense that
prevents the court from enforcing
◉ what are the stages needed to form a contract? Answer; offer,
acceptance, consideration
◉ what is a unilateral contract? Answer; a binding agreement in
which one party has made an offer that the other party can accept
only by ACTION, not words
◉ what is a bilateral contract? Answer; a promise is made in
exchange for another promise
◉ what is another name for acceptance? Answer; mutual assent
◉ offers must be... Answer; unambiguous, communicated, and the
party must understand that they have the authority to agree or
disagree
