Contract Law for Paralegals – Final Exam | Valid Contracts,
Classifications & Enforceability|Complete Questions with
Verified A+ Graded Answers Latest Updated 2026
Six Elements of a Valid Contract
* Offer
* Acceptance
* Consideration
* Legal
* Capacity
* Intent
All contracts are either
Bilateral or unilateral
Bilateral contract
a promise for a promise
Unilateral contract is:
a promise for an act
Express contract is:
K where mutual assent of parties is verbal or written
Implied contract
K established based on conduct of parties
Quasi contract
No K, but courts act as matter of equity to prevent injustice
formal contract
K written/signed under seal (e.g. checks, and CODs)
Informal contracts
Non-formal K satisfying six elements of valid K and whose form is not regulated by statute
Executory contract
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,K where at least one party must provide performance
executed contract
K satisfied
Valid contract
Enforceable K meeting all elements
voidable contract
K where one party may avoid legal obligation because one element unsatisfied (e.g. entering
into a contract with a minor or an adult who was later found to have been coerced under duress
into entering the contract)
void contract
K that failed to meet all six elements from outset
A voidable K may become valid and enforceable if the party under the disability (minor, person
induced by fraud, duress, etc.) later affirms their obligation once the disability is removed
true
unenforceable K
a valid K for which the law offers no recourse or remedy if its obligations are unfulfilled. (e.g. K
to build store in area city rezones as "residential only". Unconstitutional taking sans just
compensation?)
Mutual exchange of promises
bilateral K
Five classifications of any K:
* Bilateral/Unilateral
* Express/Implied
* Formal/Informal
* Executory/Executed
Valid/Invalid
mutual assent
agreeing to same terms at same time
First element of a valid contract, mutual assent to the same bargain at the same time
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, Offer
Party who first proposes K relationship under common law is:
offeror
Contracts between merchants governed by
Uniform Commercial Code
Definiteness is a requirement of contract law and involves:
• Parties
• Subject Matter
• Deadline
Covenant
Absolute promise of performance
Common law elements for a valid offer
* K intent communicated with definite terms
Elements of a valid offer
*price
*subject matter
*parties
*timing of performance
______________ is the bargain of the contract, it is the benefit conferred or the detriment
incurred
Consideration
Under the ____________ common law rules allow contracts for the sale of goods between
commercial traders absent a set price, provided the parties have a history of past dealings and
some objective means of setting a price
Uniform Commercial Code
Time of essence clause
Component of K offer that stipulates when agreement to be satisfied
Model law adopted by most states codifying certain contractual concepts between merchants
Uniform Commercial Code
3|Page
Classifications & Enforceability|Complete Questions with
Verified A+ Graded Answers Latest Updated 2026
Six Elements of a Valid Contract
* Offer
* Acceptance
* Consideration
* Legal
* Capacity
* Intent
All contracts are either
Bilateral or unilateral
Bilateral contract
a promise for a promise
Unilateral contract is:
a promise for an act
Express contract is:
K where mutual assent of parties is verbal or written
Implied contract
K established based on conduct of parties
Quasi contract
No K, but courts act as matter of equity to prevent injustice
formal contract
K written/signed under seal (e.g. checks, and CODs)
Informal contracts
Non-formal K satisfying six elements of valid K and whose form is not regulated by statute
Executory contract
1|Page
,K where at least one party must provide performance
executed contract
K satisfied
Valid contract
Enforceable K meeting all elements
voidable contract
K where one party may avoid legal obligation because one element unsatisfied (e.g. entering
into a contract with a minor or an adult who was later found to have been coerced under duress
into entering the contract)
void contract
K that failed to meet all six elements from outset
A voidable K may become valid and enforceable if the party under the disability (minor, person
induced by fraud, duress, etc.) later affirms their obligation once the disability is removed
true
unenforceable K
a valid K for which the law offers no recourse or remedy if its obligations are unfulfilled. (e.g. K
to build store in area city rezones as "residential only". Unconstitutional taking sans just
compensation?)
Mutual exchange of promises
bilateral K
Five classifications of any K:
* Bilateral/Unilateral
* Express/Implied
* Formal/Informal
* Executory/Executed
Valid/Invalid
mutual assent
agreeing to same terms at same time
First element of a valid contract, mutual assent to the same bargain at the same time
2|Page
, Offer
Party who first proposes K relationship under common law is:
offeror
Contracts between merchants governed by
Uniform Commercial Code
Definiteness is a requirement of contract law and involves:
• Parties
• Subject Matter
• Deadline
Covenant
Absolute promise of performance
Common law elements for a valid offer
* K intent communicated with definite terms
Elements of a valid offer
*price
*subject matter
*parties
*timing of performance
______________ is the bargain of the contract, it is the benefit conferred or the detriment
incurred
Consideration
Under the ____________ common law rules allow contracts for the sale of goods between
commercial traders absent a set price, provided the parties have a history of past dealings and
some objective means of setting a price
Uniform Commercial Code
Time of essence clause
Component of K offer that stipulates when agreement to be satisfied
Model law adopted by most states codifying certain contractual concepts between merchants
Uniform Commercial Code
3|Page
