Chapter $8-$Work Set

True$-$False Questions

All contracts involve promises, and every promise is a legal contract.

An agreement includes an offer and an acceptance.

Consideration, in contract terms, refers to a party's competency to enter into a contract.

A unilateral contract involves performance instead of promises.

Formal contracts are contracts between parties who are in formal relationships$-$employer$-$employee relationships, for example.

An unenforceable contract is a contract in which one or both of the parties have the option of avoiding their legal obligations.

A court imposes a quasi contract to avoid one party's unjust enrichment at another's expense.

An express contract is one in which the terms are fully stated in words.

An oral contract is an implied contract.