LPP EXAM 1 REVIEW QUESTIONS AND
ANSWERS 100% CORRECT!
, contract -ANSWER A promise to do or not do something that is enforceable in court
based on the law's recognition of a duty to perform the promise
4 elements of a contract -ANSWER agreement, consideration, legal competency, legal
purpose
Sources of contract law -ANSWER Common Law, UCC
What is common law? -ANSWER Legal system based on courts decisions
What is the UCC -ANSWER uniform commercial code
true or false: both written and oral contracts are considered valid? -ANSWER True
What is a bilateral contract -ANSWER promise + return promise
What is a unilateral contract? -ANSWER Promise + performance
What are the different ways a contract can be enforced? -ANSWER valid, void,
voidable, enforceable, and unenforceable
What is quantum meruit? -ANSWER a reasonable sum of money in the amount the
receiving party "deserves" to be paid
what are nominal damages? -ANSWER small amount of money awarded to plaintiff in a
civil lawsuit.
what are punitive damages? -ANSWER damages that include a dollar amount and
punishment towards the defendant in order to prevent the act of occurring again.
What are compensatory damages? -ANSWER monetary compensation that the victim
receives in cover the loss
what are liquidated damages? -ANSWER a predetermined amount of money that one
party pays to the other if a contract is breached.
What are equitable remedies? -ANSWER remedies that are rewarded in court that do
not involve monetary value.
True or false: Gap filling is allowed with vagueness within a contract -ANSWER false
ANSWERS 100% CORRECT!
, contract -ANSWER A promise to do or not do something that is enforceable in court
based on the law's recognition of a duty to perform the promise
4 elements of a contract -ANSWER agreement, consideration, legal competency, legal
purpose
Sources of contract law -ANSWER Common Law, UCC
What is common law? -ANSWER Legal system based on courts decisions
What is the UCC -ANSWER uniform commercial code
true or false: both written and oral contracts are considered valid? -ANSWER True
What is a bilateral contract -ANSWER promise + return promise
What is a unilateral contract? -ANSWER Promise + performance
What are the different ways a contract can be enforced? -ANSWER valid, void,
voidable, enforceable, and unenforceable
What is quantum meruit? -ANSWER a reasonable sum of money in the amount the
receiving party "deserves" to be paid
what are nominal damages? -ANSWER small amount of money awarded to plaintiff in a
civil lawsuit.
what are punitive damages? -ANSWER damages that include a dollar amount and
punishment towards the defendant in order to prevent the act of occurring again.
What are compensatory damages? -ANSWER monetary compensation that the victim
receives in cover the loss
what are liquidated damages? -ANSWER a predetermined amount of money that one
party pays to the other if a contract is breached.
What are equitable remedies? -ANSWER remedies that are rewarded in court that do
not involve monetary value.
True or false: Gap filling is allowed with vagueness within a contract -ANSWER false
