LSB 3213 Exam 2 OK State Practice Questions and Answers
7 views 0 purchase
Module
LSB 3213
Institution
LSB 3213
LSB 3213 Exam 2 OK State Practice
Questions and Answers
What are the sources of contract law? - Answer️️ -Common Law & UCC
What is the purpose/policy behind contract law? - Answer️️ -To assure
the parties to private agreements that the promises they make will be
enforceable
What is th...
LSB 3213 Exam 2 OK State Practice
Questions and Answers
What are the sources of contract law? - Answer✔️✔️-Common Law & UCC
What is the purpose/policy behind contract law? - Answer✔️✔️-To assure
the parties to private agreements that the promises they make will be
enforceable
What is the objective theory of contracts? - Answer✔️✔️-This looks at the
circumstances that determine the intent of the parties.
What are two defenses to the enforceability of a contract? - Answer✔️✔️-The
parties must both voluntarily consent to a form, a contract, or the contact
must be in writing to be enforceable.
What is a bilateral contract? - Answer✔️✔️-Offeree must only promise to
perform (a promise for a promise)
What is an unilateral contract? - Answer✔️✔️-Offeree can accept the offer
only by completing the performance (a promise for an act)
What does the law permit someone to do to prevent an unfair result? -
Answer✔️✔️-If the party substantially performs the act, then the offer cannot
be revoked.
What is a formal contract? - Answer✔️✔️-A contract that requires a special
form or method in order to be enforceable.
What is an informal contract? - Answer✔️✔️-A contract that does NOT
require a specified form or method of formation in order to be enforceable.
What is an express contract? - Answer✔️✔️-The terms of the agreement are
explicitly stated, whether it is oral or it is in writing.
What is an implied (in fact) contract? - Answer✔️✔️-Conduct creates and
defines the terms of the contract.
What is the executed degree of contract performance - Answer✔️✔️-A
contract has been fully performed by both (or all) parties.
What is the executory degree of contract performance? - Answer✔️✔️-A
contract that has NOT been fully performed by one or more parties.
What if a contract has other defenses that prevent it from being
enforceable? - Answer✔️✔️-An otherwise valid contract that is rendered
unenforceable by some statute or law.
How do courts interpret contracts? - Answer✔️✔️-A court will enforce a
contract according to its obvious terms.
What is required for the parties to have an agreement? - Answer✔️✔️-Offer
and acceptance.
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.15. You're not tied to anything after your purchase.
