Formation of Contract

What is an express contract?

• When the terms of a contract are explicitly agreed upon

• When a contract is put together very quickly

• When a contract is understood but nothing is signed

What is an implied in fact contract?

• The terms of the contract are understood based on the behavior or the parties

• The terms of the contract include important facts and figures

• The terms of the contract are difficult to recognize as they are not clearly stated

What is an example of an implied in fact contract?

• Writing down exactly what a contractor will be paid to renovate a home

• Ordering food in a restaurant and knowing you must pay for it

• Borrowing money from your friend and agreeing to pay it back in one week

What is another word for implied in fact contract?

• Rectified contract

• Quasi contract

• Real contract

What is an implied in law contract?

• A contract that is drafted by a legal professional such as a lawyer

• When one party gives a benefit to another party without an agreement

• A contract that is signed and legally binding

What is an example of an implied in law contract?

• A plumber fixing a leaking toilet and requesting payment

• A lawyer creating a client's final will and testament

• A doctor unexpectedly saving a woman's life at a restaurant

In contractual language, what is the term for the exchange of something of value, such as money, goods, or services, between parties?

• Commerce

• Disclosure

• Consideration

The first requirement of a legally binding agreement is that there is an offer. One party is the _______, who presents the offer, and one party is the ______, who is the potential acceptor of the offer.

• Offeror/Offeree

• Offeree/Offeror

What is the second requirement of a legally binding agreement?

• Acceptance

• Consideration

• Offer

What is an example of an express contract?

• Signing a lease agreement for an apartment

• Shaking hands on a business deal

• Verbal agreement to sell a car