71. A contract where a person promises to pay for the debt or default of another is called a personal satisfaction contract.

72. There is a duty to exercise reasonable diligence to minimize damages - this is referred to as liquidated damages.

73. When a person completes 85 % of the duties in a contract, that person could successfully use the argument that they substantially performed.

74. A standard form contract between two parties of unequal bargaining power is often referred

to as an output contract.

75. If the parties agree on the amount of monies owed in a contract the debt is said to be liquidated.

76. A unilateral contract is one that is missing the one essential element of price.

77. All states in the United States have adopted statutory law that deals with the sale of goods and commercial transactions which is called the Uniform Business Act.

78. A serious communication with definite terms that creates the power of acceptance in an offeree is called a quasi contract.

79. A third party, not mentioned in a contract, could successfully recover damages from the contract if that third party was considered an involved beneficiary.

80. When one party makes a promise to enter into an agreement without receiving an expressed agreement by the other party, this is referred to as bilateral contract or agreement.