Chapter 9

Question 1

Contract

Answer 1

legally enforceable promise or
set of promises

Question 2

Contracts do not have to be

Answer 2

written to be
enforceable, unless required in writing by law

Question 3

basic elements of a contract are

Answer 3

voluntary promises (genuineness of assent),
– consisting of an offer and acceptance,
– with legal consideration,
– between parties with capacity to contract,
– made for a lawful purpose.

Question 4

Bilateral contracts:

Answer 4

two parties make promises
to one another

Question 5

Unilateral contracts

Answer 5

one party makes a
promise

Question 6

Valid contract

Answer 6

binding and enforceable
agreement.