A voidable contract can still be performed, although the unbound contract can choose to void it before performance. True False In a life insurance contract, the beneficiary can sue the insurance company upon the insured's death, even though the insurance company never made any direct payment to the beneficiary. This is an example of: Third Party Beneficiary Dependent as Beneficiary Spouse as Beneficiary Donee Beneficiary When a person receives a benefit from another, even in the absence of a promise to pay for the benefit, a court may impose an obligation to pay for the reasonable value of the benefit Defamation Punitive Damage Quasi Contract Compensation Question 10 (1 point) Unilateral contract: enforceable when someone chooses to begin fulfilling the act demanded by the promisor Bilateral contract: enforceable from the getgo; both parties are bound to the promise True False Question 2 (1 point) Person A owes $5,000 to a third party, C, for a piece of machinery. Person A sells his business (and the machinery) to Person B. In the contract of sale, A lists C as creditor beneficiary because A intends to discharge his duty owed to C for the payment of $5,000. B now owes C any outstanding payments previously owed by A to C. If B does not pay, C has a right to sue B for breach of contract? True False When the offeror extends a promise and asks for a promise in return, that is then accepted by the promisee- One promise is given in exchange for another, and each party is bound by the obligation Contract Sales Contract Unilateral Contract Bilateral Contract The ability to understand that a contract is being made and to understand it's general meaning. It can exist even though a party does not understand every provision of the contract. Contractual Legality Contractual Capacity Contractual Validity Contractual Availability Question 4 (1 point) Restitution damages is the resulting payment by defendant for the benefit that was found to be received through unjust enrichment. True False The bank hires a plow to plow the driveway and sidewalk in front of the bank. A pedestrian slips on the sidewalk. Can he sue the bank as a third party beneficiary? True False Question 8 (1 point) If there is a landlord and a tenant, and the tenant sublets the contract to a subtenant, there is a contract between the landlord and the tenant and the tenant and the subtenant There is no contract between the landlord and the subtenant, but if the subtenant faults, the owner has the right to sue both the tenant and the subtenant. True False