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 btwn the
parties
capacity to contract - Answers - proper age and mental competence
consideration - Answers - mutual exchange of benefits and detriments; bargained
legal purpose - Answers - reason/outcome must be legal
State Common Law - Answers - SERVICES or real estate, legal, accounting,
engineering
state statutory law - Answers - UCC law, GOODS, leasing of equipment
How are hybrids subject matter determined - Answers - (A contract that involves both
goods/ services)
- allocation of price
- uniqueness
bilateral contract - Answers - two promises and two performances
Ex: handing car title over for $$$
unilateral contract - Answers - one promise followed by one performance which then
triggers a second performance
EX: lost dog poster for $$ & gives $$ to person who finds dog
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
rather than words
EX: when you are expected to pay at a restaurant
, Statute of Frauds (affirmatory defense) - Answers - contracts that are required to
WRITTEN or have written evidence. (emails can satisfy under certain conditions)
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.
EX: hospital heals a patient w/o being paid even though the patient may not pay.
(receive benefits w/o payment)
another name for quasi-contracts - Answers - implied in law
valid contract - Answers - has all the elements necessary
void contracts - Answers - lacking one or more of the basic elements from the outset of
the agreement
voidable contract - Answers - one party may at its option either disaffirm or enforce
Unenforceable Contract - Answers - a contract for the breach of which the law provides
NO REMEDY
Uniform Electronic Transactions Act (UETA) - Answers - most states have adopted it,
provides formal recognition of
e-signs
What does an offer require? - Answers - - Serious intention
- reasonably terms
- communication
Meeting of the minds - Answers - agreement between a buyer and seller on major
points
assent - Answers - a conscious approval of facts
they are not offers (invitation) and can only be a unilateral contract if it is specific
enough - Answers - Are Ads considered offers?
What information is essential in a contract? - Answers - - subject matter
- parties to contract
- price/other consideration
- time performance
Acceptance - Answers - the offeree's expression of agreement to the terms of the offer
- revocation
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 btwn the
parties
capacity to contract - Answers - proper age and mental competence
consideration - Answers - mutual exchange of benefits and detriments; bargained
legal purpose - Answers - reason/outcome must be legal
State Common Law - Answers - SERVICES or real estate, legal, accounting,
engineering
state statutory law - Answers - UCC law, GOODS, leasing of equipment
How are hybrids subject matter determined - Answers - (A contract that involves both
goods/ services)
- allocation of price
- uniqueness
bilateral contract - Answers - two promises and two performances
Ex: handing car title over for $$$
unilateral contract - Answers - one promise followed by one performance which then
triggers a second performance
EX: lost dog poster for $$ & gives $$ to person who finds dog
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
rather than words
EX: when you are expected to pay at a restaurant
, Statute of Frauds (affirmatory defense) - Answers - contracts that are required to
WRITTEN or have written evidence. (emails can satisfy under certain conditions)
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.
EX: hospital heals a patient w/o being paid even though the patient may not pay.
(receive benefits w/o payment)
another name for quasi-contracts - Answers - implied in law
valid contract - Answers - has all the elements necessary
void contracts - Answers - lacking one or more of the basic elements from the outset of
the agreement
voidable contract - Answers - one party may at its option either disaffirm or enforce
Unenforceable Contract - Answers - a contract for the breach of which the law provides
NO REMEDY
Uniform Electronic Transactions Act (UETA) - Answers - most states have adopted it,
provides formal recognition of
e-signs
What does an offer require? - Answers - - Serious intention
- reasonably terms
- communication
Meeting of the minds - Answers - agreement between a buyer and seller on major
points
assent - Answers - a conscious approval of facts
they are not offers (invitation) and can only be a unilateral contract if it is specific
enough - Answers - Are Ads considered offers?
What information is essential in a contract? - Answers - - subject matter
- parties to contract
- price/other consideration
- time performance
Acceptance - Answers - the offeree's expression of agreement to the terms of the offer
- revocation
