Business Law Ch 10 Part I

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Informal contracts are usually based on their sub¬stance rather than their form.

Every contract involves at least three parties.

The doctrine of quasi contract can be used only when there is an actual con-tract that covers the matter in controversy.

A unilateral contract is formed when the one receiving the offer com¬pletes the re¬quested act or performance.

The only requirement of a valid contract is that it be voluntarily entered into.

A quasi contract is a fictional contract.

No offer may be revoked before it is accepted.

A void contract is enforceable if it is in writing.