LSB 3213 - exam 2 Practice Questions and Answers
what is a contract? - Answer️️ -legally enforceable promise or set of
promises
what are the four basic required elements of a valid contract? - Answer️️ -
Mutual Assent: parties to contract must indicate through words or
behavior that th...
what is a contract? - Answer✔️✔️-legally enforceable promise or set of
promises
what are the four basic required elements of a valid contract? - Answer✔️✔️-
Mutual Assent: parties to contract must indicate through words or
behavior that they willingly agree to enter into contract
Consideration: both sides must obtain something of value (legal benefit)
and give something of value (legal detriment)
Legality of purpose: contract must satisfy legal purpose
Capacity: both parties to contract must have legal standing to enter into
contracts
what is the difference between valid, void, voidable, and unenforceable
contracts? - Answer✔️✔️-Valid: when contract has the required elements
Void: when agreement lacks one of the required elements or has not been
formed in conformance with the law from the outset
Voidable: when the law gives one or more parties right to cancel otherwise
valid contract under the circumstances
Unenforceable: although contract may have all required elements and be
considered valid, it may be unenforceable because one party asserts a legal
defense to performing the contract
what is every contract in the United States premised on the notion of? -
Answer✔️✔️-good faith
What is the difference between a unilateral contract and a bilateral
contract? - Answer✔️✔️-Unilateral Contract: where one party's legal
detriment arises from its action or inaction rather than a promise
Bilateral Contract: where legal detriment is incurred through the mutual
promises the parties make to each other
in general, what type of law governs contracts for services? - Answer✔️✔️-
Common law contracts
in general, what type of law governs contracts for the sale of goods? -
Answer✔️✔️-UCC sales contract
2
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