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Chapter 10 BAFN
chapter 10
Question | Answer |
---|---|
What is a bilateral contract? | When both parties make a promise (to do something) to each other |
What is a unilateral contract? | One party makes a promise to the other that the other party can accept only by doing something specific |
What is an Express contract? | the two parties to the contract explicitly state all of the important terms of their agreement |
What is an implied contract? | the words and the conduct of the parties indicate that the parties intended to make an agreement |
What is an executory contract? | when one or more parties has not fulfilled its obligations under the contract |
What is an executed contract? | when all parties to the contract have fulfilled their obligations under the contract |
What is the quasi contract theory? | A fictional contract imposed on parties by a court in the interests of fairness and justice; to prevent unfair enrichment of one party at the expense of another |
Examples of Promissory estoppel | The defendant made a promise knowing that the plaintiff would likely rely on it. The plaintiff did rely on the promise The only way to avoid injustice is to enforce the promise. |