The six elements required to exist in order to create a valid binding legal contract are: correct answers *Intent, Capacity, Legal Subject Matter, Acceptance, Consideration, Offer
*(if one or both of the parties to a contract do NOT have intent, the contract is VOID)
(if the other five, any o...
BUL 3130 exam 3 || with 100% Error-free Answers.
The six elements required to exist in order to create a valid binding legal contract are: correct
answers *Intent, Capacity, Legal Subject Matter, Acceptance, Consideration, Offer
*(if one or both of the parties to a contract do NOT have intent, the contract is VOID)
(if the other five, any of them, elements do not exist then the contract is VOIDABLE)
Oral correct answers most contracts are oral, meaning created verbally
written correct answers a writing evidencing the contact is created when the contract is formed
express correct answers clearly stated as to the terms and provisions of the contract
implied correct answers by the words or conduct of one of the parties
Bilateral correct answers both parties are in agreement with the terms and performance will take
place immediately or at some designated future time
Unilateral correct answers considered a one sided agreement, where an offer is made that has (1)
yet to be accepted by a reply or by (2) performance of what the offer requires
Void correct answers means no contract ever existed in law and the parties are free from any
legal responsibility under the terms and provisions of the agreement/contract
Voidable correct answers the party to a contract who has the option of performing according to
the terms of the contact or being free from any responsibility thereunder
mirror image rule correct answers (common law) the offer and acceptance are identical and
creates a valid binding legal contract
mailbox rule correct answers (common law) acceptance of an offer legally takes place when the
acceptance is placed in the US Mail with adequate postage and addressed as the offer requested
(on line contracts are accepted when you click on the icon indicating acceptance of the offer)
E-sign act correct answers satisfies the statute of frauds for a signature
Statute of Frauds correct answers if a contract cannot be performed within 12 months of being
entered into it must be written in order for it to be enforceable
Parol Evidence Rule correct answers - oral statements are inadmissible in court if sought to vary
any term of the initial contract (except oral testimony can explain a technical term in the
contract) (recall the lecture about this)
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