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Question 110 pts

(TCO 6) A contract in which agreement between parties has been inferred from the contract is known as an __________________.

Irrevocable Contract

Enforceable Contract

Executed Contract

Implied-in-Fact Contract

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Question 210 pts

(TCO 6) A contract entered into by way of exchange of promises of the parties is known as a ________________.

Bilateral Contract

Executed Contract

Voidable Contract

Express Contract

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Question 310 pts

(TCO 7) ________________ is an equitable doctrine that permits the court to rewrite a contract to express the parties true intentions.

Specific Performance

Rescission

Reformation

Writ of Attachment

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Question 410 pts

(TCO 6) A contractual provision that relieves one or both of the parties to a contract from tort liability for ordinary negligence is known as an ________________________.

Affirming Disallowance

Exculpatory Clause

Objective of Protection Clause

Implied Exemption of Liability

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Question 515 pts

(TCO 6) What are the elements of promissory estoppel? Provide an example to illustrate them.

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Question 615 pts

(TCO 6) Explain the basic requirements that must be met for a contract to be enforceable.

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Question 715 pts

(TCO 7) Provide an example of concealment that could rise to the level of fraud. Would it justify recission of the contract?

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Question 815 pts

(TCO 7) "An aggrieved party can bring a legal cause of action (a lawsuit) for breach of contract any time after the breach has been made." Discuss an argument for or against this statement and provide an example.

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