LSTD 2106 Exam 2 Question and answers verified to pass
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Course
LSTD 2106
Institution
LSTD 2106
LSTD 2106 Exam 2 Question and answers verified to pass
Contract - LSTD 2106 Exam 2set of promises enforceable by law
Elements of a contract - LSTD 2106 Exam 2mutual assent, capacity to contract, consideration, legal purpose
Mutal assent - LSTD 2106 Exam 2there must be an offer and an agree...
LSTD 2106 Exam 2 Question and
answers verified to pass
Contract - LSTD 2106 Exam 2set of promises enforceable by law
Elements of a contract - LSTD 2106 Exam 2mutual assent, capacity to
contract, consideration, legal purpose
Mutal assent - LSTD 2106 Exam 2there must be an offer and an agreement
between the parties
capacity to contract - LSTD 2106 Exam 2proper age and mental competence
consideration - LSTD 2106 Exam 2must be a bargained for exchange of
goods and services; mutual exchange of benefits and detriments
legal purpose - LSTD 2106 Exam 2reason/outcome must be legal
State Common Law - LSTD 2106 Exam 2services or real estate, legal,
accounting, engineering
state statutory law - LSTD 2106 Exam 2uniform commercial code law, goods,
leasing of equipment
How are hybrids subject matter determined - LSTD 2106 Exam 2allocation of
price, uniqueness
bilateral contract - LSTD 2106 Exam 2two promises and two performances
, unilateral contract - LSTD 2106 Exam 2one promise followed by one
performance which then triggers a second performance
express contract - LSTD 2106 Exam 2parties have knowingly and intentionally
agreed on the promises and performances
implied contract - LSTD 2106 Exam 2one which the agreement is reached by
the parties' actions
quasi-contracts - LSTD 2106 Exam 2A classification that permits a contract to
be enforceable in cases where no express or implied contract exists and one
party suffers losses as a result of another party's unjust enrichment.
another name for quasi-contracts - LSTD 2106 Exam 2implied in law
mitigation - LSTD 2106 Exam 2duty to make reasonable attempts to minimize
or avoid injury
valid contract - LSTD 2106 Exam 2has all the elements necessary
void contracts - LSTD 2106 Exam 2lacking one or more of the basic elements
from the outset of the agreement
voidable contract - LSTD 2106 Exam 2one party may at its option either
disaffirm or enforce
avoiding - LSTD 2106 Exam 2when a person choses to legally disaffirm a
contract
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