Contracts & Classification Exam

What is the function of contracts?

• Provide essential conditions for the existence of a market economy
• Provide conditions for a capitalistic government
• Provide agreements beneficial to all parties involved
• Provide judgement on disputes

What is a contract?

• Agreements that can have dire results
• Agreements that can be enforced in a court
• A decision that can benefit only one person or party
• Agreements to harm another person

The requirements of a valid contract must include which of the following?

• Agreement, Consent, Form
• Type of contract, Written Form, Executory, Voidable
• Agreement, Consideration, Contractual Capacity and Form
• Form, Voidable, Consideration

A ____________________ contract is a promise for an act.

• Unilateral
• Bilateral
• Formal
• Implied

A ____________________ contract is a promise for a promise.

• Unilateral
• Bilateral
• Formal
• Informal

A ____________________ contract that requires a special form for creation.

• Unilateral
• Express
• Formal
• Informal

A ____________________ contract that requires no special form for creation.

• Unilateral
• Express
• Formal
• Informal

A ____________________ contract is formed by words.

• Executed
• Express
• Formal
• Implied

A ____________________ contract is formed by the conduct of both parties.

• Executed
• Express
• Formal
• Implied

A ____________________ contract is performed.

• Executed
• Express
• Executory
• Implied