Contracts

Your TopicContracts Expressed and

implied contractsBilateral and unilateral contract

Random questions on contracts

200 200 200 200

400 400 400 400

600 600 600 600

800 800 800 800

1000 1000 1000 1000

Bonus Question: 5000 pts

Topic 1: 200• Question:• what is a contract?• Answer• Is an agreement enforceable by law

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Topic 1: 400• Question:• What is an offer?• Answer• A proposal by one party to another intended

to create a legally binding agreement.

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Topic 1: 600• Question:• What does it mean when a person accepts a

contract?• Answer:• The second party unqualified willingness to go

along with the first party's proposal.

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Topic 1: 800• Question:• What is a genuine agreement?• Answer• An agreement is true and genuine: a valid

offer is met by a valid acceptance.

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Topic 1: 1000• Question:• What are the 6 elements of a contract?• For 100 points• Do all of these elements have to be meet

before a contract can be formed.• Answer• Capacity, consideration, legality, offer,

acceptance genuine agreement.Back

Topic 2: 200• Question: • which contract is used more unilateral or

bilateral?• Answer:• Bilateral contracts are used more

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Topic 2: 400• Question:• When you go into a gas station and hand $20

to the cashier to fill up your car and both parties don’t exchange a single word

• What kind of contract is this?• Answer:• An implied contract

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Topic 2: 600• Question:• The landlord presents Joe with a preprinted

lease on the apartment Joe wants and Joe agrees to the terms and signs it.

• What type of contract is this?Answer

• This is an express, written contract.

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Topic 2: 800• Question:• I offer to sell you my 1967 Mustang and after

some negotiations, you agree to purchase it on the terms we have worked out, a bargain for less than $500!

• What type of contract is this?Answer

• This is an express oral contract.Back

Topic 2: 1000• Question:• What is the difference between an expressed

and an implied contract?• Answer:• An expressed contact is a contract statement

that may be oral or written.• An implied contract is a contract that comes

about from the actions of the party.Back

Topic 3: 200• Question:• What is a bilateral contract?• Answer• A contract that contains two promises.

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Topic 3: 400• Question:• What is a unilateral contract?• Answer• A contract that contains a promise by only one

person to do something, if and when the other party performs some acts.

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Topic 3: 600• Question:• Joe promises to pay Jane $25 and Jane

promises to mow Joe's lawn next weekend. • Is this a unilateral or implied contract?

• Answer• This is a bilateral contract?

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Topic 3: 800• Question:• After you mow my lawn, I promise to pay you

$25.• Is this a unilateral or implied contract?• Answer• This is a unilateral contract

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Topic 3: 1000• Question:• What is the difference between a unilateral or

implied contract?• Answer• An unilateral contract is the promise of one

person and an implied contract is a contract between 2 people.

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Topic 4: 200• Question: • What is invitations to negotiate?• Answer:• Invitation to negotiate is invitations to deal,

trade, or make an offer.

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Topic 4: 400• Question:• What are mirror image rule?• Answer:• Terms that are stated in a acceptance must

exactly mirror or match the terms of the offer.

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Topic 4: 600• Question: • What is a counteroffer?• For 100 points • Give and example of a counteroffer?• Answer:• A counteroffer is a response to an offer in

which the terms of the original offer are changed.

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Topic 4: 800• Question:• What is rejection?• Answer:• A refusal of an offer by the offeree that brings

the offer to an end.

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Topic 4: 1000• Question:• What are the 3 requirements of an offer.• Answer:• Serious intent• Definiteness• communication

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Bonus round

For 5000 points complete this chart?• Offer• 1.• 2.• 3.• Termination• 1.• 2.• 3.• 4.• 5.• Acceptance• 1.• 2.