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LEB 320F Unit 7 Exam Questions and Answers 100% Solved | Graded A+ $10.99
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LEB 320F Unit 7 Exam Questions and Answers 100% Solved | Graded A+
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LEB 320F Unit 7 Exam Questions and Answers 100% Solved | Graded A+ What are the three elements that must be present to make a contract legally enforceable? - consideration, capacity, and legality What is a bilateral contract? - "a promise for a promise." What is a unilateral contract? Give an ...

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  • December 14, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • LEB 320F
  • LEB 320F

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LEB 320F Unit 7 Exam Questions and

Answers 100% Solved | Graded A+


What are the three elements that must be present to make a contract

legally enforceable? - ✔✔consideration, capacity, and legality

What is a bilateral contract? - ✔✔"a promise for a promise."

What is a unilateral contract? Give an example - ✔✔can be accepted only

by the performance of a particular act.

Ex. The promise by a seller of property to pay a real estate agent a

commission when the agent finds a buyer for it. When the broker produces

a buyer who is ready, willing, and able to purchase the property, he or she

has earned the promised commission. A mere promise by an offeree that

he or she will bring in the item later does not result in the formation of a

contract

What is an express contract? - ✔✔the intentions of the parties are stated

fully and in explicit terms, either orally or in writing




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,What is an implied contract? - ✔✔promises (intentions) of the parties have

to be inferred primarily from their conduct and from the circumstances in

which it occurred

what is a quasi-contract? Give an example - ✔✔exists only in those

exceptional circumstances where a court feels compelled to impose an

obligation upon one person regardless of whether he or she had any

intention of making a contract

ex. When a doctor administers emergency medical care no kind of contract

is created but a court deems the recipient must pay for the services

What is the purpose of quasi-contracts? What is this type of action called? -

✔✔imposed only in circumstances where the failure to impose such an

obligation would result in one party receiving an "unjust enrichment"—a

benefit which, on the grounds of fairness alone, he or she ought to pay for.

Quantum meruit action - "as much as is deserved."

When is a party not able to collect from a quasi-contract? - ✔✔when

negligence is involved, if an express contract already covers the situation

What is a valid contract? - ✔✔one in which all of the required elements are

present. As a result, it is enforceable against both parties




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, What is a voidable contract? Who can always withdraw from a voidable

contract? - ✔✔one of the parties to a contract has the legal right to

withdraw from it at a later time without liability. Contracts in which fraud is

present fall within this category, because the law permits the one who has

been defrauded to set aside the contract.

What is a void contract? Under what circumstances can a contract be

declared void? - ✔✔so far as the law is concerned, they never existed at

all. Contract can be declared void if: one of the parties is wholly

incompetent at the time of contracting, or the purpose of the contract is

totally illegal

What is an unenforcable contract? Give an example. - ✔✔was valid at the

time it was made but was subsequently rendered unenforceable because

of the application of some special rule of law. Ex. People discharged in

bankruptcy

What is a contract of adhesion? - ✔✔one party—usually having greatly

superior bargaining power than the other—prepares the terms of a

proposed contract and presents it to the other party on a take-it-or-leave-it

basis




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