Blaw 3391 pleasant final exam questions and correct detailed answers graded a+.
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Module
B LAW 3391
Institution
B LAW 3391
Bilateral contract - correct answer A type of contract that arises when a promise is given in exchange for a return promise. ex. When Shannon promises to pay Gary $1000 in exchange for his promise to paint her car on July 1st.
contract - correct ans...
Bilateral contract - correct answer A type of contract that arises when a
promise is given in exchange for a return promise. ex. When Shannon promises to pay Gary $1000 in
exchange for his promise to paint her car on July 1st.
contract - correct answer A legally enforceable agreement that is created
when 2 or more competent parties agree to perform, or to avoid performing, certain acts that they have
a legal right to do and that meet certain legal requirements.
executed contract - correct answer A contract that has been fully performed
by both parties.
executory contract - correct answer A contract that has not yet been fully
performed.
expressed contract - correct answer A contract in which the terms of the
agreement are stated in words, oral or written.
extrinsic contract - correct answer Any evidence not contained in the contract
itself, which may include the testimony of the parties, additional agreements or communications, or
other information relevant to determining the parties' intent.
formal contract - correct answer aka as specialty contract. It is written K under
seal may consist of an impression on the paper or a notary stamp.
implied contract - correct answer A contract formed in whole or in part from
the conduct of the parties.
informal contract - correct answer A contract that does not require a specific
form or method of creation to be valid.
, offeree - correct answer A person to whom an offer is made.
offeror - correct answer A person who makes an offer.
promise - correct answer A declaration that binds a person who makes it (the
promisor) to do or not to do a certain act.
promisee - correct answer A person to whom a promise is made.
promisor - correct answer A person who makes a promise.
quasi contract - correct answer Imposed in certain cases to avoid unjust
enrichment, even if all elements of contract formation not satisfied. getting something for nothing.
unenforceable contract - correct answer A valid contract rendered
unenforceable by some statute or law.
unilateral contract - correct answer the offeror wants the offeree to do
something not a promise to do something.
acceptance - correct answer The act of voluntarily agreeing, through words or
conduct, to the terms of an offer, thereby creating a contract.
agreement - correct answer A mutual understanding or meeting of the minds
between two or more individuals regarding the terms of a contract.
counteroffer - correct answer An offeree's response to an offer in which the
offeree rejects the original offer and at the same time makes a new offer.
mailbox rule - correct answer if the offer is silent as to the time the
acceptance is effective, it states that an acceptance sent via the postal service or courier is effective
when sent. This applies to acceptance not the rejection.
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