Business Law Contract Unit Study Guide Questions And Correct Answers

quasi or implied-at-law contract {Ans: obligation that is enforced as if it were a contract in order to prevent unjust enrichment of one party}unilateral contract {Ans: offeror promises something in return for the offeree's performance and indicates that this performance is the eway acceptance must be made}Third-party beneficiaries {Ans: Not a party to the contract, were intended by the parties to directly benefit from it - may sue to enforce the contract}fraud {Ans: intentional misrepresentation of an existing, important fact resulting in injury}Condition concurrent {Ans: Conditions that are mutually dependent and to be performed at the same time}Compounding a crime {Ans: accepting something of value for a promise not to inform on or prosecute a suspected criminal}