EXAM 2: LSB 3213; Questions &Answers 100% Pass
what is a contract? Correct Answer-legally enforceable promise or set of promises
what are the four basic required elements of a valid contract? Correct Answer-Mutual
Assent: parties to contract must indicate through words or behavior that they wil...
EXAM 2: LSB 3213; Questions &Answers 100% Pass
what is a contract? Correct Answer-legally enforceable promise or set of promises
what are the four basic required elements of a valid contract? Correct 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? Correct
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
, EXAM 2: LSB 3213; Questions &Answers 100% Pass
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? Correct Answer-
good faith
What is the difference between a unilateral contract and a bilateral contract? Correct
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? Correct Answer-Common law
contracts
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 or Stuvia-credit 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 KarmaScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
