Why Choose Us?
0% AI Guarantee
Human-written only.
24/7 Support
Anytime, anywhere.
Plagiarism Free
100% Original.
Expert Tutors
Masters & PhDs.
100% Confidential
Your privacy matters.
On-Time Delivery
Never miss a deadline.
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.
- A contract is essentially an agreement that creates an obligation.
- Because transfer of value is essential to a valid contract, contracts cannot arise in the performance of personal services.
- A contract can only involve two parties.
- A person who makes a promise is the promisor, while a person to whom the promise is made is the promisee.
- Only the parties who signed the original contract can have rights with respect to that contract.
- A reward offered to the public for the return of lost property is not considered an offer.
- An offer may be made only to a specific person.
- An offeror makes an offer to an offeree.
- Negotiable instruments are examples of formal contracts.
- A contract for an amount greater than $1 million must be made under seal or it is not binding.
- 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.
- A recognizance is an agreement by which one party admits or recognizes that a specified sum of money is owed to another party.
- An express contract is one in which the agreement is shown by the acts and conduct of the parties.
- 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.
- The effect of an implied contract is not the same as the effect of an express contract.
- A void contract is one that is otherwise valid but may be rejected or set aside by one of the parties.
- An agreement that contemplates the performance of an act prohibited by law is usually void.
- An executory contract is an agreement by which something remains to be done by one or both parties.
- An executed contract is an agreement that has been completely performed.
- When a contract is fully performed by one party, it is called a unilateral contract.
- A bilateral contract is essentially an exchange of promises.
- With regard to a unilateral contract, the offeree does not accept the offer by express agreement, but rather by performance.
- A contract never can be both executory and unilateral.
- An option contract gives one of the parties an absolute right to enter into a second contract at a later date.
- The principle behind the quasi contract is to prevent unjust enrichment.
- A quasi contract may arise in a situation in which no contract exists.
- 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.
- Quasi-contractual liability will generally be imposed when the cost of performing a contract is greater than had been expected.
- When a contract sets a price for services rendered, a plaintiff cannot sue for reasonable value.
Expert Solution
PFA
Archived Solution
You have full access to this solution. To save a copy with all formatting and attachments, use the button below.
For ready-to-submit work, please order a fresh solution below.
