TTU BLAW 3391 Contracts Questions With Verified Answers
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Course
BLAW 3391
Institution
BLAW 3391
TTU BLAW 3391 Contracts Questions With Verified Answers
Contract
A legally enforceable agreement hat is created when two 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.
Tangible ...
ttu blaw 3391 contracts questions with verified an
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TTU BLAW 3391 Contracts Questions
With Verified Answers
Contract
A legally enforceable agreement hat is created when two 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.
Tangible Personal Property
Personal property that can me moved.
Offer
A proposal made by one party (the offeror) to another (the offeree) that indicates a
willingness to enter into a contract.
Offeror
The person making a proposal.
Offeree
The person to whom a proposal is made.
Acceptance
An indication made by the offeree that he or she agrees to be bound by the terms of the
offer.
Mutual Agreement
The state of mind that exists between an offeror and an offeree when a valid offer has
been accepted, and the parties know what the terms are and have agreed to be bound
by them. Mutual agreement is also known as "a meeting of the minds."
Consideration
The promise to give up something of value that a party to a contract has a legal right to
keep, or to do something that the party is not otherwise legally required to do.
Competent
, Being mentally capable of understanding the terms of a contract.
Legality of Purpose
The requirement that the intent of a contract be legal for the contract to be enforceable.
Proper Form
The requirement that the form of a contract be correct for the terms of the contract to be
enforceable.
Oral Contract
An agreement that is not in writing or signed by the parties.
Written Contract
An agreement that is reduced to writing on a permanent surface.
Express Contract
A contract hat explicitly states the agreement of the parties either orally or in writing.
Implied Contract
A contract that does not explicitly state the agreement of the parties but in which the
terms of the agreement can be inferred from the conduct of the parties, the customs of
trade, or the conditions or circumstances.
Formal Contract
A specialty contract that is written and under seal.
Simple Contract
An informal contract made without a seal - even though the subject matter of the
contract may be extremely complex and may involve huge amounts of money.
Entire Contract
An agreement that is made up of two or more parts in which each part is dependent
upon the others.
Divisible Contract
An agreement that is made up of two or more parts, each part being independent of the
others.
Executory Contract
An agreement in which some future act or obligation remains to be performed under its
terms.
Executed Contract
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