Exam 10: Nature and Terminology

If a contractual promise is not fulfilled,the person who made it may be required to perform the promised act.

An executed contract is one that has been fully performed.

Freida and Gail enter into a bilateral contract,which is created when Freida gives a promise in exchange for Gail's

The intention to enter into a con?tract is judged by outward,objective facts as interpreted by a reasonable person.

Diaz and Cuzco enter an express contract for the construction of a warehouse.Express contract terms are given,in relation to the parties' course of performance,

The only requirement of a valid contract is that it be voluntarily entered into.

Flo tells Gregor that she will buy his textbook from last semester for $65.Gregor agrees.Flo and Gregor have

A quasi contract is a fictional contract.

Scot enters into a contract with Tiffany that later proves voidable at Tiffany's option.If she elects to avoid any duty to perform under the contract

A check is a formal contract.

Holiday Sales Company and Global Distributors,Inc.,enter into a contract for the delivery of imported specialty goods.Until the goods are delivered and paid for,these parties have

On May 1,Local Cartage Company and Modern Computers,Inc.,orally agree that Local Cartage will pick up from National Chip Corporation and deliver to Modern Computers' manufacturing plant a certain num?ber of computer chips on each Monday in May.Under the agree?ment,Modern Computers will pay for the delivery services on June 1.On May 1,is this contract express,implied in fact,or implied in law? On May 31,after all of the deliveries have been made,is the contract exe?cuted or executory?

Every contract involves at least three parties.

A reasonable,lawful,and effective meaning will normally be given to all of a contract's terms.

On behalf of the jazz group Synco-Passion,their manager Raul agrees to a performance in the Quay Club on May 1.Portia,acting for Quay Club,sends a written copy of the agreement to Raul to be signed.Typically,businesspersons put their contracts in writing to

National Grocers,Inc.,enters into a contract with Overland Shipping Company for the de?livery of a shipment of fresh produce.If ambiguities appear in the con?tract,they will be construed against

A void contract is enforceable if it is in writing.

Plain language laws regulate some types of contracts to require "legalese."

Ed,a businessperson,is a friend of Fran,the owner of a candy store.Every day,Ed spends five minutes in Fran's candy store,looking at the candy and usually buying one or two candy bars.One afternoon,Ed goes into the store,looks at the candy,and picks up a $1 candy bar.Ed waves the candy at Fran without saying a word and walks out.Is there a con?tract? If so,how would it be classified in terms of formation,perform?ance,and enforceability?

The doctrine of quasi contract can be used only when there is an actual con?tract that covers the matter in controversy.