BLAW 310-TEST 3 QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
Definition of Promise? - Answers -declaration by a person to do or not to do a certain
act.
Who is a promisee? - Answers -the person to whom the promise is made
When will a question arise as to whether the promise should be enforced or not? -
Answers -When the person making a promise is a child or is mentally incompetent
What is a contract? - Answers -"a promise or a set of promises for the breach f which
the law gives a remedy, or the performance of which the law in some way recognizes as
a duty"
What was is a simpler version of the definition of contract? - Answers -an agreement
that can be enforced in court
how is a contract formed? - Answers -between 2 of more people who agree to perform
or refrain from performing some act
What is considered a breach of the law? - Answers -If you do not fulfill a contract
generally, when will a contract dispute arise? - Answers -when there is a promise of
future performance
What will happen if the party who made the contract fails to perform the contractual
promise? - Answers -they may be required to pay damages
What areas are governed by contract law? - Answers -real estate, employment, and
insurance
the common law governs all contracts except when it has been modified or replaced by
statutory law, such as.. - Answers -the uniform commercial code (UCC)
contracts for the sale and lease of goods are however governed by which law? -
Answers -uniform commercial code
in contract law, intent is determined by what is called the - Answers -objective theory of
contracts, not by the personal or subjective intent, or belief of a party
the theory is that a party's intention to enter into a legally binding agreement, or
contract, is judged by - Answers -outward, objective facts
, the objective theory of contract facts are interpreted by a - Answers -reasonable
person, rather than by a party's own secret, subjective intentions
objective facts may include: - Answers -1. what was said while entering the contract
2. how the party acted
3. the circumstances surrounding this transaction
4 Elements of valid contract to exist include:
(if one is missing a contract cannot be formed) - Answers -1. agreement
2. consideration
3. contractual capacity
4. legality
In a valid contract what does the agreement include? - Answers -a contract that
includes an offer and an acceptance
in a valid contract what does the consideration include? - Answers -it is supported with
legally sufficiency. something of value such as money
in a valid contract what does the contractual capacity include? - Answers -both parties
entering into the contract must have the contractual capacity to do so meaning (they
have to be competent)
in a valid contract what does the legality include? - Answers -the contracts purpose and
it must be legal and not against public policy
what are the defenses to the enforce-ability of a contract? - Answers -1. voluntary
consent
2. form
What consist of voluntary consent as a defense? - Answers -both parties must be
voluntary. if the contract was formed as a result of fraud or duress the contract may not
be enforceable
what consist of form as a defense? - Answers -some contracts must be in writing to be
enforceable
what are types of contracts? - Answers -bilateral, unilateral, and revocation of offers for
unilateral contracts
What is a bilateral contract? - Answers -is the offeree can accept simply by promising
to perform
what else can a bilateral contract be called? - Answers -promise for a promise
ACCURATE ANSWERS
Definition of Promise? - Answers -declaration by a person to do or not to do a certain
act.
Who is a promisee? - Answers -the person to whom the promise is made
When will a question arise as to whether the promise should be enforced or not? -
Answers -When the person making a promise is a child or is mentally incompetent
What is a contract? - Answers -"a promise or a set of promises for the breach f which
the law gives a remedy, or the performance of which the law in some way recognizes as
a duty"
What was is a simpler version of the definition of contract? - Answers -an agreement
that can be enforced in court
how is a contract formed? - Answers -between 2 of more people who agree to perform
or refrain from performing some act
What is considered a breach of the law? - Answers -If you do not fulfill a contract
generally, when will a contract dispute arise? - Answers -when there is a promise of
future performance
What will happen if the party who made the contract fails to perform the contractual
promise? - Answers -they may be required to pay damages
What areas are governed by contract law? - Answers -real estate, employment, and
insurance
the common law governs all contracts except when it has been modified or replaced by
statutory law, such as.. - Answers -the uniform commercial code (UCC)
contracts for the sale and lease of goods are however governed by which law? -
Answers -uniform commercial code
in contract law, intent is determined by what is called the - Answers -objective theory of
contracts, not by the personal or subjective intent, or belief of a party
the theory is that a party's intention to enter into a legally binding agreement, or
contract, is judged by - Answers -outward, objective facts
, the objective theory of contract facts are interpreted by a - Answers -reasonable
person, rather than by a party's own secret, subjective intentions
objective facts may include: - Answers -1. what was said while entering the contract
2. how the party acted
3. the circumstances surrounding this transaction
4 Elements of valid contract to exist include:
(if one is missing a contract cannot be formed) - Answers -1. agreement
2. consideration
3. contractual capacity
4. legality
In a valid contract what does the agreement include? - Answers -a contract that
includes an offer and an acceptance
in a valid contract what does the consideration include? - Answers -it is supported with
legally sufficiency. something of value such as money
in a valid contract what does the contractual capacity include? - Answers -both parties
entering into the contract must have the contractual capacity to do so meaning (they
have to be competent)
in a valid contract what does the legality include? - Answers -the contracts purpose and
it must be legal and not against public policy
what are the defenses to the enforce-ability of a contract? - Answers -1. voluntary
consent
2. form
What consist of voluntary consent as a defense? - Answers -both parties must be
voluntary. if the contract was formed as a result of fraud or duress the contract may not
be enforceable
what consist of form as a defense? - Answers -some contracts must be in writing to be
enforceable
what are types of contracts? - Answers -bilateral, unilateral, and revocation of offers for
unilateral contracts
What is a bilateral contract? - Answers -is the offeree can accept simply by promising
to perform
what else can a bilateral contract be called? - Answers -promise for a promise
