Section 2 - Chapter 11

Question 1

An Express contract is:

Answer 1

in words, oral or written

Question 2

An Implied contract is:

Answer 2

demonstrated by acts and conduct

Question 3

executed vs. executory

Answer 3

executed is both parties have completed the promise; executory is when one or both parties have yet to fulfill their promise

Question 4

another word for “offer and acceptance” is:

Answer 4

mutual assent

Question 5

5 elements of a contract include:

Answer 5

offer and acceptance, consideration, legally competent parties, consent, legal purpose

Question 6

novation is:

Answer 6

substitution of new contract for an old contract

Question 7

buyer remedies:

Answer 7

suit for performance (force seller to sell), suit for damages (seller pay fees buyer incurred), rescind (cancels contract and seller returns any money)