Question: Chapter 11 1) A contract is defined as a promise creating legal obligations of performance. a) The four elements of a valid contract are best

Chapter 11
1) A contract is defined as a promise creating legal obligations of performance.
a) The four elements of a valid contract are best remembered by using the pneumonic CLAC. What does CLAC stand for?
b) How many parties are required for a valid contract?
c) How many promises are required for a valid contract?
d) At what point is a unilateral contract formed? A bilateral contract?
e) Compare an express contract with an implied contract
f) What is the difference between and executed contract and an executory contract?
f) If a contract term could be interpereted in two different ways (is ambiguous) in which
party's favor will the court decide ?

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