Which of the following is correct about impliedand express contracts?Implied contracts can be legally binding whileexpress contracts cannot.Express contracts explicitly state the terms ofthe contract while implied contracts areestablished by the parties' actions.Implied contracts explicitly state the terms of thecontract while express contracts are establishedby the parties' actions.Express contracts can be legally binding whileimplied contracts

Contract law effectively establishes the process of agreement development, implementation, and…

Answered: Which of the following is correct about…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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What are assignments of contracts and what rights and obligations do they confer?
What risks do buyers associate with each of the different types of contracts (fixed-price, incentive, or costs contracts)?
Explain the concept of contract law. What are the essential elements of a contract, and what types of contracts are enforceable? What remedies are available for breach of contract, and what steps can a business take to minimize its liability for breach of contract?
Consideration is a key requirement of all contracts. Define consideration and give examples of each element.
You've read about the statute of frauds and how it requires certain agreements to be in writing (remember the acronym MYLEGS). Thinking about all contracts, do you think that all contracts should be in writing? Or do you think this would hinder or slow down transactions? Please discuss your thoughts on these questions while keeping in mind the purpose behind the statute of frauds.
When the contract is perfectly valid but cannot be enforced because of certain technical defects. This is called O a. Void contract. O b. Bilateral contract. O c. Unilateral contract. O d. Illegal contract.
Which of the following is a legal principle that allows consumers to cancel certain types of contracts within a specified period of time? a) Breach of contract b) Rescission c) Implied warranty d) Statute of frauds e) None of the above
How can a party's conduct or behavior give rise to an implied contract?
Defined as an unconscious ignorance or forgetfulness of the existence or non existence of a fact,past or present,material to the contract.
Contract management can be defined as ‘the activities of a buyer before, during and after a contract is signed, to ensure that all parties to the contract understand and fulfil their contractual obligations’. Contracts may be for specific projects or for the supply of good or services over a period of time, typically between one to three years depending upon circumstances and objectives. Contract activities can be split into two distinct but interdependent phases: pre-contract award/renewal and post-contract management. Contract management is command and control of the activities spanning both phases, but the potential value adding outcomes of post contract management will not be realised unless effective pre-contract management has resulted in a contract that addresses all stakeholders’ needs with the utmost professional skill. A failure in pre-contract management will result in post-contract management time and effort being wasted on trying to resolve and correct omissions and…
13. What does it mean to say that a contract term is ambiguous? It means that the term was added unilaterally at some time during the life of the contract It means that the term is vague and subject to multiple, reasonable interpretations It means that its performance will greatly disadvantage one of the parties.
True/False An fully express contract is one in which the term are fully stated.

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