LENB Test 4 Questions and Answers (100% Pass)
contract - Answer️️ -legally enforceable set of promises
4 elements to a valid contract - Answer️️ -agreement, consideration,
contractual capacity, legal object
agreement - Answer️️ -made up of an offer made by offeror to enter a
contra...
bilateral contract - Answer✔️✔️-promise for a promise (binded contract)
unilateral contract - Answer✔️✔️-promise in exchange for an act
what is the importance of types of contracts? - Answer✔️✔️-knowing when
you can legally do something about it
express contracts - Answer✔️✔️-written or spoken words enter you in a
contract
implied contract - Answer✔️✔️-conduct or actions enter you in a contract
3 conditions to be implied - Answer✔️✔️-1. plaintiff provided some property
or service to defendant
2. plaintiff expected to be paid for such property or service and a
reasonable person in position of the defendant would have expected
3. defendant had opportunity to reject property but didn't
Quasi Contract - Answer✔️✔️-sometimes called implied in law contracts;
prevent one party from being unjustly enriched at expense of another (not
a real contract)
valid contract - Answer✔️✔️-contain all 4 legal elements of a contract; a
contract may be valid yet unenforceable
void contract - Answer✔️✔️-not a contract at all; either object is illegal or has
some defect that is serious
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