LEGL 2700 EPSTEIN TEST 2 QUESTIONS AND ANSWERS GRADED A
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Course
LEGL 2700
Institution
LEGL 2700
contracts -Correct Answer legally enforceable promise or exchange of promises
bilateral -Correct Answer type of contract where both parties have obligations in the contract
unilateral -Correct Answer type of contract where only one party has an obligation
express -Correct Answer type of co...
LEGL 2700 EPSTEIN TEST 2 QUESTIONS AND
ANSWERS GRADED A
contracts -Correct Answer ✔legally enforceable promise or exchange of promises
bilateral -Correct Answer ✔type of contract where both parties have obligations in the
contract
unilateral -Correct Answer ✔type of contract where only one party has an obligation
express -Correct Answer ✔type of contract that is directly stated with words that set out
terms
implied-in-fact -Correct Answer ✔type of contract that conduct the parties evidencing
their intent to enter the contract (by actions you have indicated that you intended to
have a contract)
implied-in-law -Correct Answer ✔type of quasi-contract where a party was unjustly
enriched (force a contract)
executed -Correct Answer ✔when all obligations of a contract have been completed
executory -Correct Answer ✔when there are still open obligations in a contract
valid -Correct Answer ✔enforceable, nothing wrong
void -Correct Answer ✔no good from the get-go
voidable -Correct Answer ✔can be cancelled
unenforceable -Correct Answer ✔would have been valid, but there's some issue with it
that the court finds
offer -Correct Answer ✔a promise or commitment to perform or refrain from performing
some specified act in the future; "the quality of the ______"
revocation -Correct Answer ✔when the offeror cancels the offer; can be done any time
before valid acceptance
rejection -Correct Answer ✔the offeree doesn't accept the offer
counteroffer -Correct Answer ✔a rejection with a new offer suggested
LEGL 2700 EPSTEIN TEST 2
, LEGL 2700 EPSTEIN TEST 2
lapse of time -Correct Answer ✔say you have until a certain time to accept, but you can
still revoke it before then; offer dies after the date
subject matter destruction -Correct Answer ✔when the thing being offered is destroyed
offeror death or insanity -Correct Answer ✔when the offeror no longer has the capacity
to nake the offer
subject matter illegality -Correct Answer ✔the offer is illegal
mirror image rule -Correct Answer ✔acceptance much match the offer exactly to create
a binding contract
silence -Correct Answer ✔being silent on the offeree's part does not imply acceptance;
"automatic shipment" in course of dealing between parties may alter this rule
mailbox rule -Correct Answer ✔acceptance becomes legally binding when the offeree
deposits it with the postal service (now known as dispatch rule to be more relevant and
modern)
offeror -Correct Answer ✔who controls how the offer gets accepted (like if they want it in
writing)?
consideration -Correct Answer ✔the receipt of a legal benefit
option -Correct Answer ✔an agreement that the offeror will keep the offer open
exclusively for the offeree (requires separate consideration)
minors -Correct Answer ✔people under the age of 18; cannot be legally bound to
contractual promises with exceptions for "necessaries" of life (voidable)
intoxicated/ mentally incompetent -Correct Answer ✔contracts are voidable depending
on the person's capability to understand the contract's nature and purpose
legality -Correct Answer ✔contracts that require commission of a crime/ tort or violate
accepted standards of behavior are void
covenants not to compete -Correct Answer ✔protects employers from having the
employees they train leave them and compete against them
fraud -Correct Answer ✔intentional misstatement of material fact that induces another to
enter into a contract (voidable)
mistake -Correct Answer ✔mutual is voidable, unilateral is still valid
LEGL 2700 EPSTEIN TEST 2
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