True/False
Indicate whether the
statement is true or false.
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1.
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Contract law ensures that one party does not threaten another.
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2.
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Tort law governs contracts.
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3.
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A contract is a promise to act.
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4.
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One of the elements of a valid contract is a fair price.
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5.
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"Consideration" refers to the legality of the subject matter of a
contract.
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6.
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An offer to form a unilateral contract is accepted by a promise to
perform.
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7.
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An offer to form a bilateral contract is accepted by a promise to
perform.
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8.
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A contract can be created only when a promise is given in exchange for another
promise.
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9.
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A promisee is a person who makes a promise.
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10.
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A contract under seal is a formal contract.
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11.
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In an express contract, the terms are fully stated in words.
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12.
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An implied-in-fact contract is implied from the conduct of the parties.
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13.
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An executory contract is one that has been fully performed.
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14.
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An unenforceable contract is one that cannot be enforced because of certain
legal defenses against it.
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15.
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A contract cannot be void if its purpose is legal.
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16.
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A contract is void if its purpose is illegal.
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17.
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A quasi contract is a true contract.
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18.
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A party who confers a benefit on someone else unnecessarily can recover the cost
under the principle of quasi contract.
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19.
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The existence of an express contract does not bar an action in quasi
contract concerning the same transaction.
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20.
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A contract's general intent will usually be subordinated to specific
clauses contained within the contract.
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