These Contracts Are Not Really Contracts at All

question 58

Multiple Choice

These contracts are not really contracts at all. Rather, they are an obligation imposed by law upon an individual who receives a benefit under circumstances in which they would ordinarily be required to pay but no agreement to pay exists. Identify the category of contract in the discussion.

• A) Executory contracts
• B) Unenforceable contracts
• C) Contracts implied in law
• D) Voidable contracts

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Definitions:

Indifferent

Having no particular interest or sympathy; being unconcerned or neutral towards a specific outcome or item.

Transitive Preferences

A principle in which if an individual prefers option A over B, and B over C, then they also prefer A over C.

Preferred

Indicating a greater liking for one alternative over another or others.

Marginal Rate

The rate at which a change is made from one level to another, often used in the context of taxes or interest rates.