LEB 320F - Exam 3 Questions and
Answers 100% Correct
What are the 4 elements of a valid contract? - CORRECT ANSWER-1. agreement
2. consideration
3. legality
4. capacity
What is a contract? - CORRECT ANSWER-a legally binding agreement - a private
agreement that is backed up by law
elements - agreement, consideration, legality, capacity
What are the 4 classifications every contract has? - CORRECT ANSWER-1.
bilateral v. unilateral
2. express v. implied v. quasi
3. valid v. void v. voidable v. unenforceable
4. negotiated v. adhesive
What does whether a contract is bilateral or unilateral address? - CORRECT
ANSWER-"what does the promisor want?" or "what does the promisee need to
give the promisor?"
,What does a bilateral contract mean? - CORRECT ANSWER-a promise for a
promise
most contracts are bilateral in nature - promise now for performance later
ex - Astrid is a singer - "Astrid, I promise to pay you $200 if you promise to come
sing a song in my office at 2 oclock"
-the promise was made now, but the performance won't be until later
What does a unilateral contract mean? - CORRECT ANSWER-a promise for
performance
there is no contract until the performance actually happens
ex - Astrid is a singer - "Astrid, if you come by and sing to me at 2 oclock, I'll pay
you $200"
-the only breach that might happen in the unilateral situation is that she might
show up and sing and I don't pay her
-even if Astrid doesn't show up to sing, no contract was breached
How can a contract be created expressly? How can a contract be created impliedly?
- CORRECT ANSWER-expressly - through our words
impliedly - through our actions
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,What is an express contract? - CORRECT ANSWER-signing something, written
contract, verbal contract, etc.
What is an implied contract? - CORRECT ANSWER-ex- purchasing groceries,
eating at a restaurant, barbershop
What is a quasi contract? - CORRECT ANSWER-actually not a contract at all - a
situation where a contract does not exist, and the court creates one
the court says "we've got a contract type situation in the absence of an actual
contract" (here court = judge)
quasi damages are used when there is not contract, but the court believes if the
defendant pays, things will be made right - in the case of unjust enrichment (unjust
enrichment leads to the plaintiff being paid for the fair market value of their
services
-ex- a soctor billing for services that weren't signed for
When are quasi court damages used? - CORRECT ANSWER-when there is no
contract, but the court believes if the defendant pays, things will be made right - in
the case of unjust enrichment (unjust enrichment leads to the plaintiff being paid
for the fair market value of their services
-ex- a doctor billing for services that weren't signed for
What is a valid contract? - CORRECT ANSWER-one that has all of the elements
, When is a contract void? - CORRECT ANSWER-when all 4 elements aren't
present - it never was a contract in the first place (ex- if the contract is illegal)
neither party is bound - you cannot breach it because there's nothing to breach
What is a void contract? - CORRECT ANSWER-never was a contract in the first
place - when all 4 elements aren't present
What is a voidable contract? - CORRECT ANSWER-where one of the parties can
walk away without penalty
ex- an adult goes into business with a minor
-minors, for a period of time, have the freedom to walk away without penalty (but
the adult can't walk away)
What is an unenforcable contract? - CORRECT ANSWER-a valid contract that
later becomes unenforcable (by some operation of law)
When is a contract unenforcable? - CORRECT ANSWER-nothing starts out as
unenforcable - the court won't back it up anymore
what are some operations of law that might make a completely valid contract
unenforcable?
1. if you want to sue someone for breach of contract after the statute of limitations
(usually 1 year after the breach) has expired
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
Answers 100% Correct
What are the 4 elements of a valid contract? - CORRECT ANSWER-1. agreement
2. consideration
3. legality
4. capacity
What is a contract? - CORRECT ANSWER-a legally binding agreement - a private
agreement that is backed up by law
elements - agreement, consideration, legality, capacity
What are the 4 classifications every contract has? - CORRECT ANSWER-1.
bilateral v. unilateral
2. express v. implied v. quasi
3. valid v. void v. voidable v. unenforceable
4. negotiated v. adhesive
What does whether a contract is bilateral or unilateral address? - CORRECT
ANSWER-"what does the promisor want?" or "what does the promisee need to
give the promisor?"
,What does a bilateral contract mean? - CORRECT ANSWER-a promise for a
promise
most contracts are bilateral in nature - promise now for performance later
ex - Astrid is a singer - "Astrid, I promise to pay you $200 if you promise to come
sing a song in my office at 2 oclock"
-the promise was made now, but the performance won't be until later
What does a unilateral contract mean? - CORRECT ANSWER-a promise for
performance
there is no contract until the performance actually happens
ex - Astrid is a singer - "Astrid, if you come by and sing to me at 2 oclock, I'll pay
you $200"
-the only breach that might happen in the unilateral situation is that she might
show up and sing and I don't pay her
-even if Astrid doesn't show up to sing, no contract was breached
How can a contract be created expressly? How can a contract be created impliedly?
- CORRECT ANSWER-expressly - through our words
impliedly - through our actions
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
,What is an express contract? - CORRECT ANSWER-signing something, written
contract, verbal contract, etc.
What is an implied contract? - CORRECT ANSWER-ex- purchasing groceries,
eating at a restaurant, barbershop
What is a quasi contract? - CORRECT ANSWER-actually not a contract at all - a
situation where a contract does not exist, and the court creates one
the court says "we've got a contract type situation in the absence of an actual
contract" (here court = judge)
quasi damages are used when there is not contract, but the court believes if the
defendant pays, things will be made right - in the case of unjust enrichment (unjust
enrichment leads to the plaintiff being paid for the fair market value of their
services
-ex- a soctor billing for services that weren't signed for
When are quasi court damages used? - CORRECT ANSWER-when there is no
contract, but the court believes if the defendant pays, things will be made right - in
the case of unjust enrichment (unjust enrichment leads to the plaintiff being paid
for the fair market value of their services
-ex- a doctor billing for services that weren't signed for
What is a valid contract? - CORRECT ANSWER-one that has all of the elements
, When is a contract void? - CORRECT ANSWER-when all 4 elements aren't
present - it never was a contract in the first place (ex- if the contract is illegal)
neither party is bound - you cannot breach it because there's nothing to breach
What is a void contract? - CORRECT ANSWER-never was a contract in the first
place - when all 4 elements aren't present
What is a voidable contract? - CORRECT ANSWER-where one of the parties can
walk away without penalty
ex- an adult goes into business with a minor
-minors, for a period of time, have the freedom to walk away without penalty (but
the adult can't walk away)
What is an unenforcable contract? - CORRECT ANSWER-a valid contract that
later becomes unenforcable (by some operation of law)
When is a contract unenforcable? - CORRECT ANSWER-nothing starts out as
unenforcable - the court won't back it up anymore
what are some operations of law that might make a completely valid contract
unenforcable?
1. if you want to sue someone for breach of contract after the statute of limitations
(usually 1 year after the breach) has expired
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
