LEGL 2700 Roessing Exam 2 Questions And
Answers
Express Contracts A contract in which parties show their agreement in words
Implied-in-fact Contracts A legally enforceable agreement inferred from the
circumstances and conduct of the parties
Implied-in-law Contract A quasi-contract; not a tru...
Express Contracts A contract in which parties show their agreement in words
Implied-in-fact Contracts A legally enforceable agreement inferred from the
circumstances and conduct of the parties
Implied-in-law Contract A quasi-contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
Courts permit the person who conferred a benefit to recover the reasonable value of that benefit
Nonetheless, the elements of a true contract are not present
Quasi-contract An implied-in-law contract; not a true contract
Legal fiction that the courts use to prevent unjust enrichment and wrongdoing
Courts permit the person who conferred a benefit to recover the reasonable value of that benefit
Nonetheless, the elements of a true contract are not present
Enforceable Contract A contract that can be enforced in court
, LEGL 2700 Roessing Exam 2 Questions And
Answers
Unenforceable Contract A contract that cannot be enforced in court
Valid Contract A contract that contains all of the proper elements of a contract
Void Contract A contract that is empty, having no legal force; ineffectual, unenforceable
Ex) drug sale, killer-for-hire
In Pari Delicto The parties to an illegal contract are equally at fault
Voidable Contract Capable of being declared a nullity, though otherwise valid
Party taken advantage of can avoid contract; other party cannot
Executed Contract A contract that is fully accomplished or performed, leaving nothing
unfulfilled
Executory Contract An agreement that is not completed
, LEGL 2700 Roessing Exam 2 Questions And
Answers
Remains this state until the performance required in a contract is completed
Offer A contractual communication that contains a specific promise and a specific demand
Definite, present intent to be bound to a contract
Initiates the process of making a contract
Indefiniteness When the terms of an agreement are not sufficiently specific, the agreement
does not rise to the level of a contract
Revocation The contractual communication of withdrawing an offer
Cannot be done upon completion of performance
Rejection The refusal of an offer
Terminates an offer
Cannot be reversed
Counteroffer An offer made in response to another's offer
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