BLAW 310 EXAM 3 ULL VERIFIED ACCURATE STUDY
GUIDE
Contracts. - Answers -- promise or set constituting an agreement between parties,
giving each a legal duty to the other and also the right to seek a remedy for the breach
of the promises
• Contracts has to be for future performances
• Common law governs all contracts except when it has been modified or replaced by
statutory law, such as UCC or administrative agency
The Objective Theory of Contracts - Answers --the view that contracting parties shall be
only be bound by terms that can objectively be inferred from promises made
1. What the party said when entering into the contract
2. How the party acted or appeared (intent may be manifested by conduct as well as by
oral or written words.
3. The circumstances surrounding the transaction.
Elements of a Valid Contract - Answers -1. Agreement. An agreement to from a
contract includes an offer and an acceptance. One party must offer to enter a legal
agreement, and another party must accept the terms of the offer.
2. Consideration. Any promises made by the parties to the contract must be supported
by legally sufficient and bargained-for consideration.
3. Contractual Capacity. Both parties entering into the contract must have the
contractual capacity to do so. The law must recognize them as possessing
characteristics that qualify them as competent parties.
4. Legality. The contract's purpose must be to accomplish some goal that is legal and
not against public policy.
Defenses to the Enforceability of a Contract - Answers -1. Voluntary consent. The
consent of both parties must be voluntary. For instance, if a contract was formed as a
result of fraud, undue influence, mistake, or duress, the contract may not be
enforceable.
2. Form. The contract must be in whatever form the law requires. Some contracts must
be in writing to be enforceable.
Bilateral Versus Unilateral Contracts - Answers -Every contract involves at least 2
parties. The offeror is the party making the offer. The offeree is the party to whom the
offer is made. Whether the contract is classified as bilateral or unilateral depends on
what the offeree must do to accept the offer and bind the offeror to a contract
Bilateral Contract - Answers -- a type of contract that arises when a promise given in
exchange for a return promise.
, Unilateral Contract - Answers -- a contract that results when an offer can be accepted
only by the offeree's performance.
Revocation of Offers for Unilateral . - Answers -- a problem arises in unilateral contracts
when the promisor attempts to revoke (Cancel) the offer after the promise has begun
performance but before the act has been completed.
Contracts Express Contract - Answers -- a contract in which the terms of the
agreement are stated in words, oral or written.
Implied Contract - Answers --a contract formed in whole or in part from the conduct of
the parties.
1. Oral contracts are enforceable in Louisiana
2. Implied contract are usually court written
Executed Contract - Answers -- a contract that has been fully performed by both parties
Executory Contract - Answers --a contract that has not yet been fully performed.
Valid Contract - Answers -- a contract that has elements necessary for contract
formation
Voidable Contract - Answers --a contract that may be legally avoided at the option of
one or both of the parties.
1. Louisiana recognizes contracts as obligations.
Unenforceable Contract - Answers -- a valid contract rendered unenforceable by some
statute or law.
Void Contract - Answers -- a contract having no legal force or binding effect. Is no
contract at all.
Agreement - Answers -- a mutual understanding or meeting of the minds between two
or more individuals regarding the terms of the contract.
Offer - Answers -- a promise or commitment to perform or refrain from performing some
specified act in the future.
1. Must be communicated to the offeree, must be reasonably certain.
Definiteness of Terms - Answers --The second requirement for an effective offer
involves the definiteness of its terms.
1. The identification of the parties
2. the identification of the object or subject matter of the contract (also the quantity ,
when appropriate), including the work to be performed, with specific identification of
such items as goods, services and land
3. The consideration to be paid.
GUIDE
Contracts. - Answers -- promise or set constituting an agreement between parties,
giving each a legal duty to the other and also the right to seek a remedy for the breach
of the promises
• Contracts has to be for future performances
• Common law governs all contracts except when it has been modified or replaced by
statutory law, such as UCC or administrative agency
The Objective Theory of Contracts - Answers --the view that contracting parties shall be
only be bound by terms that can objectively be inferred from promises made
1. What the party said when entering into the contract
2. How the party acted or appeared (intent may be manifested by conduct as well as by
oral or written words.
3. The circumstances surrounding the transaction.
Elements of a Valid Contract - Answers -1. Agreement. An agreement to from a
contract includes an offer and an acceptance. One party must offer to enter a legal
agreement, and another party must accept the terms of the offer.
2. Consideration. Any promises made by the parties to the contract must be supported
by legally sufficient and bargained-for consideration.
3. Contractual Capacity. Both parties entering into the contract must have the
contractual capacity to do so. The law must recognize them as possessing
characteristics that qualify them as competent parties.
4. Legality. The contract's purpose must be to accomplish some goal that is legal and
not against public policy.
Defenses to the Enforceability of a Contract - Answers -1. Voluntary consent. The
consent of both parties must be voluntary. For instance, if a contract was formed as a
result of fraud, undue influence, mistake, or duress, the contract may not be
enforceable.
2. Form. The contract must be in whatever form the law requires. Some contracts must
be in writing to be enforceable.
Bilateral Versus Unilateral Contracts - Answers -Every contract involves at least 2
parties. The offeror is the party making the offer. The offeree is the party to whom the
offer is made. Whether the contract is classified as bilateral or unilateral depends on
what the offeree must do to accept the offer and bind the offeror to a contract
Bilateral Contract - Answers -- a type of contract that arises when a promise given in
exchange for a return promise.
, Unilateral Contract - Answers -- a contract that results when an offer can be accepted
only by the offeree's performance.
Revocation of Offers for Unilateral . - Answers -- a problem arises in unilateral contracts
when the promisor attempts to revoke (Cancel) the offer after the promise has begun
performance but before the act has been completed.
Contracts Express Contract - Answers -- a contract in which the terms of the
agreement are stated in words, oral or written.
Implied Contract - Answers --a contract formed in whole or in part from the conduct of
the parties.
1. Oral contracts are enforceable in Louisiana
2. Implied contract are usually court written
Executed Contract - Answers -- a contract that has been fully performed by both parties
Executory Contract - Answers --a contract that has not yet been fully performed.
Valid Contract - Answers -- a contract that has elements necessary for contract
formation
Voidable Contract - Answers --a contract that may be legally avoided at the option of
one or both of the parties.
1. Louisiana recognizes contracts as obligations.
Unenforceable Contract - Answers -- a valid contract rendered unenforceable by some
statute or law.
Void Contract - Answers -- a contract having no legal force or binding effect. Is no
contract at all.
Agreement - Answers -- a mutual understanding or meeting of the minds between two
or more individuals regarding the terms of the contract.
Offer - Answers -- a promise or commitment to perform or refrain from performing some
specified act in the future.
1. Must be communicated to the offeree, must be reasonably certain.
Definiteness of Terms - Answers --The second requirement for an effective offer
involves the definiteness of its terms.
1. The identification of the parties
2. the identification of the object or subject matter of the contract (also the quantity ,
when appropriate), including the work to be performed, with specific identification of
such items as goods, services and land
3. The consideration to be paid.
