Business Law: Question Preview (ID: 1250)

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One person unfairly benefiting at the expense of another constitutes
a) Unjust enrichment
b) Recognizance
c) Unfair justice
d) Wrongful doing

An agreement that has no legal effect is
a) Competent
b) Void
c) Unjust enrichment
d) Unenforceable

An agrrement not currently binding because it is not in the particular form required by law is a (an) ??? contract.
a) Unenforecable
b) Executory
c) Bilateral
d) Void

A contract that may be set aside by one or both parties is
a) Voidable
b) Bilateral
c) Recognizance
d) Formal

A contract in which the duties and oblization of the parties are not expressed, but can be inferred from their conduct, is
a) Implied
b) Formal
c) Unilateral
d) Competent

A contract that must be in a special form is
a) Formal
b) Implied
c) Seal
d) Promise

An obligation entered into before a court whereby persons acknowledge they will do a specified act required by law is
a) Recognizance
b) Unjust enrichment
c) Agreement
d) Consideration

A contract that has not been fully carried out by all parties
a) Executory
b) Void
c) Unenforceable
d) Executed

A contract that requires the offeree to perfrom an act in exchange for the offeror's promise is
a) Unilateral
b) Bilateral
c) Agreement
d) Implied

A contract consisting of a mutual exchange of promises is
a) Bilateral
b) Unilateral
c) Agreement
d) Acknowledgement

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