Contract correct answers an agreement that is freely entered into and that is legally binding on all parties.
Contract Requirements correct answers i. Agreement
ii. Consideration
iii. Capacity
iv. Legality
Agreement correct answers both, together, equate to an agreement
consideration co...
Bul 3130 midterm || with 100% Accurate Solutions.
Contract correct answers an agreement that is freely entered into and that is legally binding on all
parties.
Contract Requirements correct answers i. Agreement
ii. Consideration
iii. Capacity
iv. Legality
Agreement correct answers both, together, equate to an agreement
consideration correct answers a legally sufficient bargained for exchange.
insufficient are gift promises, moral obligations, past considerations, and illusory promises.
capacity correct answers the legal ability to enter the contract. you don't have contractual
capacity if you are a minor, intoxicated, insane.
legality correct answers a.k.a. lawful object, contracts to accomplish illegal goals are contrary to
public policy and are void. example, killing someone to receive insurance proceeds.
defenses to enforcement of a contract correct answers genuineness of assent which means it
cannot have been obtained through duress, undue influence, or fraud. writing and form.
sources of contract law correct answers common law of contracts- developed from early court
decisions that eventually became precedent for subsequent decisions.
uniform commercial code(UCC)- establish a uniform system of commercial law in the United
States. UCC takes precedence over common law.
restatement (second) of contracts- compilation of contract law principles is law, it is used more
often as a guide due to its statutory nature as opposed to law
Formation types of contracts
a. bilateral
b.unilateral
c.express
d. implied in fact
e. implied in law a.k.a. quasi
f. formal
g. informal correct answers a. a promise for a promise
b. promise for a performance
c. a contract expressed oral or written words
d. inferred from the conduct of the parties
e. to prevent unjust enrichment
f. requires special form or method of creation
g. no special form or method of creation
, enforceability or validity correct answers valid
void
voidable
unenforceable
valid correct answers a contract that meets all the essential elements of establishing a contract
Void correct answers no contract exists
Voidable correct answers a contract in which at least one party has the option of voiding the
contract...
performance of a contract
a. executed contract
b. executory contract correct answers a. a contract that is fully performed on both sides
b. a contract that is not fully performed by one or both parties.
unenforceable correct answers a contract that cannot be enforced because of a legal defense...
Negotiating a contract correct answers Assent
Defenses to Assent
Mistake
Duress
Undue Influence
agreement (182) correct answers the manifestation by two or more persons of the substance of a
contract
mutual assent correct answers "meeting of the minds"
contract correct answers agreement that meets certain additional legal criteria and is enforceable
in a court of law
offeror correct answers party who makes the offer
oferee correct answers the party to whom an offer has been made
offer correct answers "the manifestation of willingness to enter into a bargain so made as to
justify another person in understanding that his assent to that bargain is invited and will conclude
it" section 24 of the Restatement Seconds of Contracts
objective theory of contracts (184) correct answers a theory that says the intent to contract is
judged by the reasonable person standard and not by the subjective intent of the parties
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