Chapter 12

Question 1

A legally binding agreement that defines and governs the rights and duties between or among its parties

Answer 1

Contract

Question 2

Involves the exchange of goods, services, money or a promise of any of those

Answer 2

Contract

Question 3

A meeting of minds between 2 persons. A promise or set of promises which the law recognizes as a duty

Answer 3

Contract

Question 4

Refers to an agreement among parties involved and is required to be in writing by some special laws

Answer 4

Formal contract

Question 5

Ex of formal contract

Answer 5

Marriage contract
Mortgages
Deed of sale or work contract

Question 6

Is concluded as the result of a written document or correspondence where the law does not require the sane to be in writing, or as the result of oral and spoken discussion between parties

Answer 6

Informal contract

Question 7

The conditions and terms of the contract are given orally or in writing by the parties concerned

Answer 7

Express contract

Question 8

Is concluded as a result of acts of conduct of the parties to which the law ascribes an objective intention to enter in yo a contract

Answer 8

Implied contract

Question 9

One that is inexistent from the very beginning and therefore may not be enforced

Answer 9

Void contract

Question 10

One that is expressly prohibited by law

Answer 10

Illegal contract

Question 11

It means actual or threat of violence or imprisonment in order to obtain consent

Answer 11

Duress

Question 12

Failure to perform an agreement whether expressed or implied, w/out cause

Answer 12

Breach of contract