Midterm Quiz Business Law

A contract was an enforceable legal document only if it was stamped with a seal. 

• Contracts under Seal Traditionally

• Express Contract

• Implied Contract

• Unilateral Contract

Contract has terms that are stated expressly, or openly, in either writing or orally, at the time of contract formation

• Contracts under Seal Traditionally

• Express Contract

• Implied Contract

• Unilateral Contract

Contract have terms that must be inferred by actions, facts, and circumstances that would indicate a mutual intent to form a contract.

• Contracts under Seal Traditionally

• Express Contract

• Implied Contract

• Unilateral Contract

These are also known as two-sided contracts and are the kind of contract that is most commonly encountered.

• Bilateral Contract

• Express Contract

• Implied Contract

• Unilateral Contract

These are also known as one-sided contracts, and a common example of them is when a reward is offered for something being found: the party to whom the reward is offered is under no obligation to find the lost item, but if they do find it, the offering party is under contract to provide the reward.

• Bilateral Contract

• Express Contract

• Implied Contract

• Unilateral Contract

These are also known as one-sided contracts, and a common example of them is when a reward is offered for something being found: the party to whom the reward is offered is under no obligation to find the lost item, but if they do find it, the offering party is under contract to provide the reward.

• Bilateral Contract

• Express Contract

• Unconscionable Contract

• Unilateral Contract

Are agreements that are not triggered until an outside event occurs. Insurance policies would be examples of this, as they are agreements involving fiscal protection in the face of unpredictable events.

• Aleatory Contract

• Express Contract

• Unconscionable Contract

• Unilateral Contract

Contracts allow a party to enter another contract with another party at a later time. Entering into a second contract is called exercising the option, and a good example of this is in real estate

• Aleatory Contract

• Option Contract

• Unconscionable Contract

• Unilateral Contract

Also known as lump sum contracts, these contracts entail a great deal of risk for the seller, since if the project takes longer or is more extensive than anticipated, they will still only be paid the agreed-upon price.

• Aleatory Contract

• Fixed Price Contract

• Unconscionable Contract

• Unilateral Contract

Common Contracts:

• Bill Gates

• Bill of Sale

• Employment Contracts

• Licensing Agreement

• Notes Promise