LEGL 2700 ROESSING EXAM 4 PRACTICE
STUDY SHEET 2026 QUESTIONS WITH FULL
SOLUTION GRADED A+
◉ Contract. Answer: A legally enforceable agreement between two
or more parties that requires:
-Offer and acceptance
-Contractural capacity
-Genuine Assent
-Lawful Purpose
-Lawful Form
◉ Uniform Commercial Code (UCC). Answer: The most successful
attempt to have states adopt a uniform law
Purpose is to simplify, clarify, and modernize the laws governing
commercial transactions; Article 2 covers the sale of goods
◉ Goods. Answer: Tangible (touchable), movable personal property
◉ Bilateral Contract. Answer: Promise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
,Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
Ex) work order to paint house
◉ Unilateral Contract. Answer: Promise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same time
Not binding until action has been done
Ex) lost dog poster and reward
◉ Express Contracts. Answer: A contract in which parties show their
agreement in words
◉ Implied-in-fact Contracts. Answer: A legally enforceable
agreement inferred from the circumstances and conduct of the
parties
Ex) asking an accountant for professional advice implies a promise
to pay the going rate
Related case: Leyden v. American Accreditation Healthcare
◉ Implied-in-law Contract. Answer: 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. Answer: 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. Answer: A contract that can be enforced in
court
◉ Unenforceable Contract. Answer: A contract that cannot be
enforced in court
◉ Valid Contract. Answer: A contract that contains all of the proper
elements of a contract
, ◉ Void Contract. Answer: A contract that is empty, having no legal
force; ineffectual, unenforceable
Ex) drug sale, killer-for-hire
◉ In Pari Delicto. Answer: The parties to an illegal contract are
equally at fault
◉ Voidable Contract. Answer: Capable of being declared a nullity,
though otherwise valid
Party taken advantage of can avoid contract; other party cannot
◉ Executed Contract. Answer: A contract that is fully accomplished
or performed, leaving nothing unfulfilled
◉ Executory Contract. Answer: An agreement that is not completed
Remains this state until the performance required in a contract is
completed
◉ Offer. Answer: 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
STUDY SHEET 2026 QUESTIONS WITH FULL
SOLUTION GRADED A+
◉ Contract. Answer: A legally enforceable agreement between two
or more parties that requires:
-Offer and acceptance
-Contractural capacity
-Genuine Assent
-Lawful Purpose
-Lawful Form
◉ Uniform Commercial Code (UCC). Answer: The most successful
attempt to have states adopt a uniform law
Purpose is to simplify, clarify, and modernize the laws governing
commercial transactions; Article 2 covers the sale of goods
◉ Goods. Answer: Tangible (touchable), movable personal property
◉ Bilateral Contract. Answer: Promise in exchange for a promise
Involves promisor and promisee
Usually made to a specific person
,Acceptance, then performance later
Binding even when promise hasn't been fulfilled yet
Ex) work order to paint house
◉ Unilateral Contract. Answer: Promise in exchange for an action
Made to the whole world
Acceptance and performance happen at the same time
Not binding until action has been done
Ex) lost dog poster and reward
◉ Express Contracts. Answer: A contract in which parties show their
agreement in words
◉ Implied-in-fact Contracts. Answer: A legally enforceable
agreement inferred from the circumstances and conduct of the
parties
Ex) asking an accountant for professional advice implies a promise
to pay the going rate
Related case: Leyden v. American Accreditation Healthcare
◉ Implied-in-law Contract. Answer: 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. Answer: 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. Answer: A contract that can be enforced in
court
◉ Unenforceable Contract. Answer: A contract that cannot be
enforced in court
◉ Valid Contract. Answer: A contract that contains all of the proper
elements of a contract
, ◉ Void Contract. Answer: A contract that is empty, having no legal
force; ineffectual, unenforceable
Ex) drug sale, killer-for-hire
◉ In Pari Delicto. Answer: The parties to an illegal contract are
equally at fault
◉ Voidable Contract. Answer: Capable of being declared a nullity,
though otherwise valid
Party taken advantage of can avoid contract; other party cannot
◉ Executed Contract. Answer: A contract that is fully accomplished
or performed, leaving nothing unfulfilled
◉ Executory Contract. Answer: An agreement that is not completed
Remains this state until the performance required in a contract is
completed
◉ Offer. Answer: 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
