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MGMT 311 EXAM 3 NEWEST 2025 ACTUAL
EXAM COMPLETE 100 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!Question 1: The common law governs all contracts EXCEPT:
CORRECT ANSWER : When it has been modified or replaced
by a statutory law
Question 2: What is the function of contract law?
CORRECT ANSWER : To assure that the promises parties make
in a private agreement will be enforceable
Question 3: What is the definition of a contract?
CORRECT ANSWER : A promise or set of promises for the
breach of which the law gives a remedy, or the performance of which the law is some way recognizes as a duty.
Question 4: What are the two parties involved in a contract?
CORRECT ANSWER : The offeror and offeree
Question 5: What is a offeror?
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CORRECT ANSWER : The party making the offer to form a
contract
Question 6: What is the offeree?
CORRECT ANSWER : The party to whom the offer is made.
Question 7: If the offeree can accept an offer simply by
promising to perform, the contract is a:
CORRECT ANSWER : Bilateral Contract
Question 8: If the offer is phrased so that the offeree can accept
only be actual performance (not by a promise to perform) the
contract is a:
CORRECT ANSWER : Unilateral Contract
Question 9: What is a Express Contract?
CORRECT ANSWER : When the terms of the agreement
(whether oral or written) are explicitly stated.
Question 10: What is a Implied Contract?
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CORRECT ANSWER : When the parties conduct create and
define the terms of the contract.
Question 11: Implied contracts are typically formed when:
CORRECT ANSWER : 1. The plaintiff furnished some goods or
services 2. The plaintiff expected to be paid and the defendant knew or should have know that the payment was expected 3.Defendant had a chance to reject the goods or services and did not
Question 12: What are Quasi Contracts?
CORRECT ANSWER : Fictional contracts that the courts
impose on the parties "as if" the parties had entered into an actual contract
Question 13: Why are Quasi contracts imposed by the courts?
CORRECT ANSWER : To avoid the unjust enrichment of one
party at the expense of another.
Question 14: What is a Executed Contract?
CORRECT ANSWER : A contract that has been fully performed
by both or all of the parties
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Question 15: What is a Executory Contract?
CORRECT ANSWER: A contract that has not been fully
performed by one or more parties.
Question 16: What are the four categories of enforceability?
CORRECT ANSWER : 1. Valid 2. Voidable 3. Unenforceable 4.
Void
Question 17: What is a Valid Contract?
CORRECT ANSWER : A contract with an agreement,
consideration, contractual capacity, form, and legality.
Question 18: What is a Voidable Contract?
CORRECT ANSWER : A Valid Contract that can be (but does
not have to be) legally avoided, canceled, or annulled by one of the parties.
Question 19: What is a Unenforceable Contract?
CORRECT ANSWER : An otherwise valid contract that may be
rendered unenforceable by statute or other law.
