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LSB 3213 - exam 2 Practice Questions and Answers $9.99   Add to cart

Exam (elaborations)

LSB 3213 - exam 2 Practice Questions and Answers

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  • LSB 3213

LSB 3213 - exam 2 Practice Questions and Answers what is a contract? - Answer️️ -legally enforceable promise or set of promises what are the four basic required elements of a valid contract? - Answer️️ - Mutual Assent: parties to contract must indicate through words or behavior that th...

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  • August 29, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • LSB 3213
  • LSB 3213
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©SOPHIABENNET@2024-2025 Friday, August 23, 2024 10:49 AM




LSB 3213 - exam 2 Practice Questions and Answers

what is a contract? - Answer✔️✔️-legally enforceable promise or set of
promises

what are the four basic required elements of a valid contract? - Answer✔️✔️-
Mutual Assent: parties to contract must indicate through words or
behavior that they willingly agree to enter into contract



Consideration: both sides must obtain something of value (legal benefit)
and give something of value (legal detriment)



Legality of purpose: contract must satisfy legal purpose



Capacity: both parties to contract must have legal standing to enter into
contracts

what is the difference between valid, void, voidable, and unenforceable
contracts? - Answer✔️✔️-Valid: when contract has the required elements



Void: when agreement lacks one of the required elements or has not been
formed in conformance with the law from the outset



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, ©SOPHIABENNET@2024-2025 Friday, August 23, 2024 10:49 AM




Voidable: when the law gives one or more parties right to cancel otherwise
valid contract under the circumstances



Unenforceable: although contract may have all required elements and be
considered valid, it may be unenforceable because one party asserts a legal
defense to performing the contract

what is every contract in the United States premised on the notion of? -
Answer✔️✔️-good faith

What is the difference between a unilateral contract and a bilateral
contract? - Answer✔️✔️-Unilateral Contract: where one party's legal
detriment arises from its action or inaction rather than a promise



Bilateral Contract: where legal detriment is incurred through the mutual
promises the parties make to each other

in general, what type of law governs contracts for services? - Answer✔️✔️-
Common law contracts

in general, what type of law governs contracts for the sale of goods? -
Answer✔️✔️-UCC sales contract




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