Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / East Mississippi Community College ECON 2123 Chapter 12-NATURE AND CLASSES OF CONTRACTS: CONTRACTING ON THE INTERNET TRUE/FALSE 1)Quasi contracts are contracts

East Mississippi Community College ECON 2123 Chapter 12-NATURE AND CLASSES OF CONTRACTS: CONTRACTING ON THE INTERNET TRUE/FALSE 1)Quasi contracts are contracts

Economics

East Mississippi Community College

ECON 2123

Chapter 12-NATURE AND CLASSES OF CONTRACTS: CONTRACTING ON THE INTERNET

TRUE/FALSE

1)Quasi contracts are contracts.

 

                                           

 

  1. A contract is essentially an agreement that creates an obligation.

 

                                           

 

  1. Because transfer of value is essential to a valid contract, contracts cannot arise in the performance of personal services.

 

                                           

 

  1. A contract can only involve two parties.

 

                                           

 

  1. A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.

 

                                           

 

  1. Only the parties who signed the original contract can have rights with respect to that contract.

 

                                           

 

  1. A reward offered to the public for the return of lost property is not considered an offer.

 

                                           

 

  1. An offer may be made only to a specific person.

 

                                           

 

  1. An offeror makes an offer to an offeree.

 

                                           

 

  1. Negotiable instruments are examples of formal contracts.

 

                                           

 

  1. A contract for an amount greater than $1 million must be made under seal or it is not binding.

 

                                           

 

 

  1. A contract of record arises when the accountant of one of the parties has made an entry of the contract in the business record of that party.

 

                                           

 

  1. A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.

 

                                           

 

  1. An express contract is one in which the agreement is shown by the acts and conduct of the parties.

 

                                           

 

  1. An implied contract is one in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

 

                                           

 

  1. The effect of an implied contract is not the same as the effect of an express contract.

 

                                           

 

  1. A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.

 

                                           

 

  1. An agreement that contemplates the performance of an act prohibited by law is usually void.

 

                                           

 

  1. An executory contract is an agreement by which something remains to be done by one or both parties.

 

                                           

 

  1. An executed contract is an agreement that has been completely performed.

 

                                           

 

  1. When a contract is fully performed by one party, it is called a unilateral contract.

 

                                           

 

  1. A bilateral contract is essentially an exchange of promises.

 

                                           

 

  1. With regard to a unilateral contract, the offeree does not accept the offer by express agreement, but rather by performance.

 

                                           

 

  1. A contract never can be both executory and unilateral.

 

                                           

 

  1. An option contract gives one of the parties an absolute right to enter into a second contract at a later date.

 

                                           

 

  1. The principle behind the quasi contract is to prevent unjust enrichment.

 

                                           

 

  1. A quasi contract may arise in a situation in which no contract exists.

 

                                           

 

  1. Whenever a person receives a benefit for which payment has not been made, there is an unjust enrichment and the value of such benefit must be paid to the person conferring the benefit.

 

                                           

 

  1. Quasi-contractual liability will generally be imposed when the cost of performing a contract is greater than had been expected.

 

                                           

 

  1. When a contract sets a price for services rendered, a plaintiff cannot sue for reasonable value.

 

                                           

Option 1

Low Cost Option
Download this past answer in few clicks

4.83 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE