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Logan CooperCh_10_Study

Logan CooperCh_10_Study - Logan Cooper BLAW 3201-10 Chapter...

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Logan Cooper BLAW 3201-10 Chapter 10 S TUDY Q UESTIONS 1) What is the objective theory of contracts? That the intent to form a contract is judged by outward facts in the view of a “reasonable person” 2) What distinguishes a bilateral contract from a unilateral contract? The difference is what the offeree must due to accept the offer. A bilateral “promise to perform,” unilateral “promise for an act” 3) What is the difference between express and implied contracts? In an express contract, the terms are fully laid out in the agreement. In an implied contract is formed by the conduct of parties. 4) How does a quasi contract differ from an express or an implied-in-fact contract? An implied contract is an actual contract formed by actions, but a quasi contracts are used on the basis of fairness under the doctrine of quantum meruit. 5) What is the difference between a formal contract and an informal contract?
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