Chapter 11

1) A contract is defined as a promise creating legal obligations of performance.

a) The four elements of a valid contract are best remembered by using the pneumonic CLAC. What does CLAC stand for?

b) How many parties are required for a valid contract?

c) How many promises are required for a valid contract?

d) At what point is a unilateral contract formed? A bilateral contract?

e) Compare an express contract with an implied contract

f) What is the difference between and executed contract and an executory contract?

f) If a contract term could be interpereted in two different ways (is ambiguous) in which

party's favor will the court decide ?