A valid contract may be _____________ when there is some law that prohibits the courts from enforcing it.

Which of the following is sometimes referred to as an implied-in-law contract? 
A. Quasi-contracts
B. Express contracts
C. Implied-in-fact contracts
D. Express contracts and implied-in-fact contracts
E. Express contracts and quasi-contracts

Quasi-contracts are sometimes called implied-in-law contracts, but they are not actually contracts.

Which of the following is the most likely measure of recovery when a quasi-contract is involved? 
A. The amount set forth in the contract.
B. The fair market value of the matter involved.
C. The wholesale price of any good involved.
D. The amount sought by the plaintiff in the Complaint.
E. Damages will be computed the same way as they are computed for any other contract.

In situations in which the court imposes a quasi-contract, the amount awarded will probably be based on fair market value.

A[n] _____________ contract is one that contains all the legal elements of a contract. 
A. Voidable
B. Executed
C. Formal
D. Valid
E. Approved

A valid contract may be _____________ when there is some law that prohibits the courts from enforcing it. 
A. Executed
B. Executory
C. Unenforceable
D. Novated
E. Condoned

Sometimes a contract may be valid yet unenforceable when a law prohibits the courts from enforcing it.

Which of the following is in effect not a contract at all? 
A. A voidable contract
B. An executory contract
C. An implied contract
D. An executed contract
E. A void contract

A void contract is in effect not a contract at all.

A contract is ______________ if one or both of the parties have the ability to either withdraw from the contract or enforce it. 
A. Voidable
B. Executory
C. Implied
D. Executed
E. Void

Which of the following contracts are usually voidable? 
A. Contracts entered into as a result of fraud.
B. Contracts entered into as a result of duress.
C. Contracts entered into as a result of undue influence.
D. Contracts entered into as a result of fraud or duress, but not undue influence.
E. Contracts entered into as a result of fraud, duress, or undue influence.

Contracts entered into as a result of fraud, duress, or undue influence may be voided by the innocent party.