LSTD 2106 EXAM 2 QUESTIONS WITH VERIFIED
ANSWERS
Contract - Answers - set of promises enforceable by law
Elements of a contract - Answers - mutual assent, capacity to contract, consideration,
legal purpose
Mutal assent - Answers - there must be an offer and an agreement between the parties
capacity to contract - Answers - proper age and mental competence
consideration - Answers - must be a bargained for exchange of goods and services;
mutual exchange of benefits and detriments
legal purpose - Answers - reason/outcome must be legal
State Common Law - Answers - services or real estate, legal, accounting, engineering
state statutory law - Answers - uniform commercial code law, goods, leasing of
equipment
How are hybrids subject matter determined - Answers - allocation of price, uniqueness
bilateral contract - Answers - two promises and two performances
unilateral contract - Answers - one promise followed by one performance which then
triggers a second performance
express contract - Answers - parties have knowingly and intentionally agreed on the
promises and performances
implied contract - Answers - one which the agreement is reached by the parties' actions
quasi-contracts - Answers - A classification that permits a contract to be enforceable in
cases where no express or implied contract exists and one party suffers losses as a
result of another party's unjust enrichment.
another name for quasi-contracts - Answers - implied in law
mitigation - Answers - duty to make reasonable attempts to minimize or avoid injury
ANSWERS
Contract - Answers - set of promises enforceable by law
Elements of a contract - Answers - mutual assent, capacity to contract, consideration,
legal purpose
Mutal assent - Answers - there must be an offer and an agreement between the parties
capacity to contract - Answers - proper age and mental competence
consideration - Answers - must be a bargained for exchange of goods and services;
mutual exchange of benefits and detriments
legal purpose - Answers - reason/outcome must be legal
State Common Law - Answers - services or real estate, legal, accounting, engineering
state statutory law - Answers - uniform commercial code law, goods, leasing of
equipment
How are hybrids subject matter determined - Answers - allocation of price, uniqueness
bilateral contract - Answers - two promises and two performances
unilateral contract - Answers - one promise followed by one performance which then
triggers a second performance
express contract - Answers - parties have knowingly and intentionally agreed on the
promises and performances
implied contract - Answers - one which the agreement is reached by the parties' actions
quasi-contracts - Answers - A classification that permits a contract to be enforceable in
cases where no express or implied contract exists and one party suffers losses as a
result of another party's unjust enrichment.
another name for quasi-contracts - Answers - implied in law
mitigation - Answers - duty to make reasonable attempts to minimize or avoid injury
