LEGL 2700 EPSTEIN TEST 2 QUESTIONS WITH 100 % CORRECT ANSWERS | VERIFIED
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Course
LEGL 2700 EPSTEIN
Institution
LEGL 2700 EPSTEIN
mailbox rule - ️️acceptance becomes legally binding when the offeree deposits it
with the postal service (now known as dispatch rule to be more relevant and modern)
option - ️️an agreement that the offeror will keep the offer open exclusively for the
offeree (requires separate considerat...
LEGL 2700 EPSTEIN TEST 2
mailbox rule - ✔️✔️acceptance becomes legally binding when the offeree deposits it
with the postal service (now known as dispatch rule to be more relevant and modern)
option - ✔️✔️an agreement that the offeror will keep the offer open exclusively for the
offeree (requires separate consideration)
contracts - ✔️✔️legally enforceable promise or exchange of promises
bilateral - ✔️✔️type of contract where both parties have obligations in the contract
unilateral - ✔️✔️type of contract where only one party has an obligation
express - ✔️✔️type of contract that is directly stated with words that set out terms
implied-in-fact - ✔️✔️type of contract that conduct the parties evidencing their intent to
enter the contract (by actions you have indicated that you intended to have a contract)
implied-in-law - ✔️✔️type of quasi-contract where a party was unjustly enriched (force
a contract)
executed - ✔️✔️when all obligations of a contract have been completed
executory - ✔️✔️when there are still open obligations in a contract
valid - ✔️✔️enforceable, nothing wrong
void - ✔️✔️no good from the get-go
voidable - ✔️✔️can be cancelled
unenforceable - ✔️✔️would have been valid, but there's some issue with it that the
court finds
offer - ✔️✔️a promise or commitment to perform or refrain from performing some
specified act in the future; "the quality of the ______"
revocation - ✔️✔️when the offeror cancels the offer; can be done any time before valid
acceptance
, rejection - ✔️✔️the offeree doesn't accept the offer
counteroffer - ✔️✔️a rejection with a new offer suggested
lapse of time - ✔️✔️say you have until a certain time to accept, but you can still revoke
it before then; offer dies after the date
subject matter destruction - ✔️✔️when the thing being offered is destroyed
offeror death or insanity - ✔️✔️when the offeror no longer has the capacity to nake the
offer
subject matter illegality - ✔️✔️the offer is illegal
mirror image rule - ✔️✔️acceptance much match the offer exactly to create a binding
contract
silence - ✔️✔️being silent on the offeree's part does not imply acceptance; "automatic
shipment" in course of dealing between parties may alter this rule
offeror - ✔️✔️who controls how the offer gets accepted (like if they want it in writing)?
consideration - ✔️✔️the receipt of a legal benefit
minors - ✔️✔️people under the age of 18; cannot be legally bound to contractual
promises with exceptions for "necessaries" of life (voidable)
intoxicated/ mentally incompetent - ✔️✔️contracts are voidable depending on the
person's capability to understand the contract's nature and purpose
legality - ✔️✔️contracts that require commission of a crime/ tort or violate accepted
standards of behavior are void
covenants not to compete - ✔️✔️protects employers from having the employees they
train leave them and compete against them
fraud - ✔️✔️intentional misstatement of material fact that induces another to enter into
a contract (voidable)
mistake - ✔️✔️mutual is voidable, unilateral is still valid
duress - ✔️✔️threat of force; physical force threat is void; improper threats (financial or
social) is voidable
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