Introductory Business Law CLEP Prep Practice Exam

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Prepare for the Introductory Business Law CLEP Exam with our comprehensive quiz, designed to cover essential legal concepts and practices. Study effectively and boost your chances of success!

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What type of contract specifies the time and place of performance?

Unilateral Contract
Bilateral Contract
Express Contract
Implied Contract

The correct answer is: Express Contract

An express contract is a legal agreement where the terms and conditions are clearly stated and both parties have explicitly agreed to them. In contrast, a unilateral contract only requires one party to fulfill the terms, while a bilateral contract requires both parties to perform. An implied contract is not explicitly stated but rather inferred from the actions or behavior of the parties involved. Therefore, an express contract is the only type of contract that clearly specifies the time and place of performance, making it the correct choice.