LSB 3213 Exam 2 OK State Practice Questions and Answers
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Course
LSB 3213
Institution
LSB 3213
LSB 3213 Exam 2 OK State Practice
Questions and Answers
What are the sources of contract law? - Answer️️ -Common Law & UCC
What is the purpose/policy behind contract law? - Answer️️ -To assure
the parties to private agreements that the promises they make will be
enforceable
What is th...
LSB 3213 Exam 2 OK State Practice
Questions and Answers
What are the sources of contract law? - Answer✔️✔️-Common Law & UCC
What is the purpose/policy behind contract law? - Answer✔️✔️-To assure
the parties to private agreements that the promises they make will be
enforceable
What is the objective theory of contracts? - Answer✔️✔️-This looks at the
circumstances that determine the intent of the parties.
What are two defenses to the enforceability of a contract? - Answer✔️✔️-The
parties must both voluntarily consent to a form, a contract, or the contact
must be in writing to be enforceable.
What is a bilateral contract? - Answer✔️✔️-Offeree must only promise to
perform (a promise for a promise)
What is an unilateral contract? - Answer✔️✔️-Offeree can accept the offer
only by completing the performance (a promise for an act)
What does the law permit someone to do to prevent an unfair result? -
Answer✔️✔️-If the party substantially performs the act, then the offer cannot
be revoked.
What is a formal contract? - Answer✔️✔️-A contract that requires a special
form or method in order to be enforceable.
What is an informal contract? - Answer✔️✔️-A contract that does NOT
require a specified form or method of formation in order to be enforceable.
What is an express contract? - Answer✔️✔️-The terms of the agreement are
explicitly stated, whether it is oral or it is in writing.
What is an implied (in fact) contract? - Answer✔️✔️-Conduct creates and
defines the terms of the contract.
What is the executed degree of contract performance - Answer✔️✔️-A
contract has been fully performed by both (or all) parties.
What is the executory degree of contract performance? - Answer✔️✔️-A
contract that has NOT been fully performed by one or more parties.
What if a contract has other defenses that prevent it from being
enforceable? - Answer✔️✔️-An otherwise valid contract that is rendered
unenforceable by some statute or law.
How do courts interpret contracts? - Answer✔️✔️-A court will enforce a
contract according to its obvious terms.
What is required for the parties to have an agreement? - Answer✔️✔️-Offer
and acceptance.
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