Contracts Your Topic ContractsExpressed and implied contracts Bilateral and unilateral contract...
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Transcript of Contracts Your Topic ContractsExpressed and implied contracts Bilateral and unilateral contract...
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
Back
Topic 1: 400• Question:• What is an offer?• Answer• A proposal by one party to another intended
to create a legally binding agreement.
Back
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.
Back
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
Back
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
Back
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?
Back
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.