LSTD 2106 Exam 2 Question and answers rated A+
what is a contract - correct answer an agreement (or set of promises) enforceable at law
what is an agreement - correct answer any meeting of the minds resulting in a mutual decision
what is a promise - correct answer a guarantee that th...
LSTD 2106 Exam 2 Question and
answers rated A+
what is a contract - correct answer ✔an agreement (or set of promises)
enforceable at law
what is an agreement - correct answer ✔any meeting of the minds resulting
in a mutual decision
what is a promise - correct answer ✔a guarantee that the speaker will do or
refrain from doing something in the future
what is a bilateral contract - correct answer ✔one promise in exchange for
another promise (offer in exchange for an offer)
what is an unilateral contract - correct answer ✔one promise from offeror in
exchange for a performance
what is an offeror - correct answer ✔person extending an offer (decides
terms)
what is an offeree - correct answer ✔one getting the offer
what is an expressed contract - correct answer ✔we know exist by parties'
spoken and written words
what is an implied contract - correct answer ✔an agreement that is already
known by both parties' conduct
,ex: hairdresser knowing to always touch up your roots with constant agreed
upon price
what is a valid contract - correct answer ✔an agreement that meets all of the
laws' requirements to be a contract
what is a void contract - correct answer ✔an agreement that the courts will
automatically throw out because it lacks legality
what is a voidable contract - correct answer ✔agreement is not automatically
tossed out, but we will give one of the parties the option to get out of it (lacks
capacity or consent)
what is an unenforceable contract - correct answer ✔parties failed to put it in
writing (lacks writing element)
what are the sources of contract law - correct answer ✔uniform commercial
code (UCC) and state common law
what state has not adopted the UCC - correct answer ✔Louisiana
what is the UCC - correct answer ✔governs contracts for the sale of goods
what is a good - correct answer ✔something that is tangible and movable
what does not count as a good - correct answer ✔intellectual property and
land or things permanently attached to land
, what is state common law - correct answer ✔all other contracts (any sale of
a non-good, service, employment, etc.)
what is a hybrid contract - correct answer ✔sale of goods and services
what test is used under hybrid contracts - correct answer ✔the primary
purpose test aka predominant thrust test
what are the four overarching questions when determining if it is a contract -
correct answer ✔1. did the parties form an enforceable contract
2. what were the terms and duties of the contract
3. did the defendant do what they promised
4. what remedy will we provide to compensate the plaintiff
what test do we use to determine if it was an enforceable contract - correct
answer ✔7 elements test (has to meet each element)
what are the 7 elements of the 7 elements test - correct answer ✔1. offer
2. acceptance
3. consideration
4. legality
5. capacity
6. consent
7. writing
what does offer + acceptance = - correct answer ✔mutual assent
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