Exam (elaborations)
CH. 4 What is a Contract_ (1).
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- CLM 023 AbilityOne
- Institution
- CLM 023 AbilityOne
CH. 4 What is a Contract_ (1).
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CH. 4 What is a Contract?offer, capacity, legality, acceptance, consideration, genuine agreement - ANS-A contract
requires six elements:
2. A contract is void if it lacks one or more of the elements of a contract.
3. A contract is voidable if either party can cancel the contract for a legal reason.
4. A contract is unenforceable if it will not hold up in court. - ANS-Contracts can be valid,
void, voidable, or unenforceable.
1. A contract is valid if it is legally good.
1. A bilateral contract is when both parties promise to do something.
2. A unilateral contract is when one party promises to do something only if the other
party does something. - ANS-Contracts can be unilateral or bilateral.
1. An express contract is a contract stated in words and may be either written or oral.
2. An implied contract comes about from the actions of the parties. - ANS-A contract
can be express or implied.
Acceptance of an offer by an offeree has two basic requirements: 1. must be
unconditional, and 2. it must be communicated to the offeror - ANS-To be valid, an offer
must be: made seriously, definite and certain, communicated to the offeree
... - ANS-An offer can be terminated, rather than accepted in five ways: revocation,
counteroffer, death or insanity, rejection, and expiration of time
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