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LEB 320F - Exam 3 Questions and Answers 100% Solved | Graded A+
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LEB 320F - Exam 3 Questions and Answers 100% Solved | Graded A+ What are the 4 elements of a valid contract? - 1. agreement 2. consideration 3. legality 4. capacity What is a contract? - a legally binding agreement - a private agreement that is backed up by law elements - agreement, conside...

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  • December 14, 2024
  • 64
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • LEB 320F
  • LEB 320F

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LEB 320F - Exam 3 Questions and

Answers 100% Solved | Graded A+


What are the 4 elements of a valid contract? - ✔✔1. agreement

2. consideration

3. legality

4. capacity

What is a contract? - ✔✔a legally binding agreement - a private agreement

that is backed up by law

elements - agreement, consideration, legality, capacity

What are the 4 classifications every contract has? - ✔✔1. bilateral v.

unilateral

2. express v. implied v. quasi

3. valid v. void v. voidable v. unenforceable

4. negotiated v. adhesive

What does whether a contract is bilateral or unilateral address? - ✔✔"what

does the promisor want?" or "what does the promisee need to give the

promisor?"

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,What does a bilateral contract mean? - ✔✔a promise for a promise

most contracts are bilateral in nature - promise now for performance later

ex - Astrid is a singer - "Astrid, I promise to pay you $200 if you promise to

come sing a song in my office at 2 oclock"

-the promise was made now, but the performance won't be until later

What does a unilateral contract mean? - ✔✔a promise for performance

there is no contract until the performance actually happens

ex - Astrid is a singer - "Astrid, if you come by and sing to me at 2 oclock,

I'll pay you $200"

-the only breach that might happen in the unilateral situation is that she

might show up and sing and I don't pay her

-even if Astrid doesn't show up to sing, no contract was breached

How can a contract be created expressly? How can a contract be created

impliedly? - ✔✔expressly - through our words

impliedly - through our actions

What is an express contract? - ✔✔signing something, written contract,

verbal contract, etc.

What is an implied contract? - ✔✔ex- purchasing groceries, eating at a

restaurant, barbershop


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,What is a quasi contract? - ✔✔actually not a contract at all - a situation

where a contract does not exist, and the court creates one

the court says "we've got a contract type situation in the absence of an

actual contract" (here court = judge)

quasi damages are used when there is not contract, but the court believes

if the defendant pays, things will be made right - in the case of unjust

enrichment (unjust enrichment leads to the plaintiff being paid for the fair

market value of their services

-ex- a soctor billing for services that weren't signed for

When are quasi court damages used? - ✔✔when there is no contract, but

the court believes if the defendant pays, things will be made right - in the

case of unjust enrichment (unjust enrichment leads to the plaintiff being

paid for the fair market value of their services

-ex- a doctor billing for services that weren't signed for

What is a valid contract? - ✔✔one that has all of the elements

When is a contract void? - ✔✔when all 4 elements aren't present - it never

was a contract in the first place (ex- if the contract is illegal)

neither party is bound - you cannot breach it because there's nothing to

breach


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, What is a void contract? - ✔✔never was a contract in the first place - when

all 4 elements aren't present

What is a voidable contract? - ✔✔where one of the parties can walk away

without penalty

ex- an adult goes into business with a minor

-minors, for a period of time, have the freedom to walk away without

penalty (but the adult can't walk away)

What is an unenforcable contract? - ✔✔a valid contract that later becomes

unenforcable (by some operation of law)

When is a contract unenforcable? - ✔✔nothing starts out as unenforcable -

the court won't back it up anymore

what are some operations of law that might make a completely valid

contract unenforcable?

1. if you want to sue someone for breach of contract after the statute of

limitations (usually 1 year after the breach) has expired

2. if at the time of agreement the contract is legal, but before the time the

contract is going to be acted on a piece of legislation is passed making the

contract illegal

-it was legal when the agreement was struck, but it became illegal


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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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