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:

Stakeholders

Individuals or groups that have an interest or stake in the outcome of a project, decision, or outcome.

Shareholders

Individuals or entities that own shares in a corporation, giving them ownership interests and rights, such as voting on corporate matters.

Debtors

Individuals or entities that owe money to another entity, typically referring to those owing money as recorded by the creditor.

Creditors

Individuals or institutions that lend money or extend credit to others, expecting to be repaid in the future, often with interest.