Law Of Contracts Exam 1 | Questions & Answers (100% Correct)

Law Of Contracts Exam 1 | Questions & Answers (100% Correct) Law Of Contracts Exam 1 | Questions & Answers (100% Correct) offer - ANSWER - A proposal by one party to another intended to create a legally binding agreement. Terms of offer must be clear, definite and certain acceptance - ANSWER - words signifying consent to the terms of an offer (thereby creating a contract) void - ANSWER - a contract that has no legal force or effect because it does not meet the essential elements of a contract essential elements of contracts - ANSWER - A contract is a set of promises that are made voluntarily, for a legal act, between legally competent parties for a consideration. To be legally enforcable it must be in writing. bundle of rights - ANSWER - the concept of land ownership that includes ownership of all legal rights to the land- possession, control within the law, enjoyment, exclusion, and disposition unilateral contract - ANSWER - A contract that results when an offer can only be accepted by the offeree's performance. bilateral contract - ANSWER - A contract in which each party to the contract promises to perform ‎some act or duty in exchange for the promise of the other party.‎ assignments - ANSWER - the transfer in writing of interest in a bond, mortgage, lease, or other instrument delegation - ANSWER - a task or piece of work assigned to someone legal value - ANSWER - Legal proof of authority or business transaction, enforceable rights or obligations, or the basis for a legal action counteroffer - ANSWER - a new offer made in response to an offer received novation - ANSWER - the replacement of one obligation by another by mutual agreement of both parties expressed contract - ANSWER - A written or oral agreement in which all terms are explicitly stated implied contract - ANSWER - agreement created by actions of the parties involved, but it is not written or spoken. statute of frauds - ANSWER - A state statute under which certain types of contracts must be in writing to be enforceable. four corners rule - ANSWER - as derived from the text of the agreement itself, without relying upon other resources or witnesses. reasonable man standard - ANSWER - the duty to act with the care, prudence, and good judgment of a reasonable person breach/default - ANSWER - failure to perform according to the terms of the agreement specific performance - ANSWER - a legal action to complet a party to carry out the terms of a contract