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Mgmt 354

Exam 2

QuestionAnswer
Express Contract Arises from spoken or written words of the parties demonstrating an intention to be bound to a contract
Implied Contract Arises from the contract of the parties from which a reasonable inference can be drawn that the parties intended to be bound to a contract. Provisions of a contract may also be implied to fill in the details of an express contract
Quasi Contract An obligation or contract imposed by law without the consent of the parties where unjust enrichment would otherwise result
Contract A promise or sets of promises, expressed or implied, creating a legal obligation
Agreement
Consideration
Legality
Created by: 1165200198