LAW 3220 Exam 3 2026 Expert
Verifed Ace the Test
contract law is primarily - ANSWER ✔✔state common law
law merchant - ANSWER ✔✔lex mercatoria, rules devised by
merchants in europe over several centuries to govern their trade
contract - ANSWER ✔✔a legal relationship consisting of the right snd
duties of contracting parties
promise - ANSWER ✔✔definitions of contract center on promises
express contract - ANSWER ✔✔when there's written or oral
expression of intent by the parties to enter into a legally binding
agreement
,implied contract - ANSWER ✔✔arises from actions rather than
expressions of parties
key elements of a contract - ANSWER ✔✔1. offer and acceptance:
an agreement
2. consideration
3. contractual capacity
4. legality
5. genuine consent
offer - ANSWER ✔✔promise to do something or refrain from doing
something
offeror - ANSWER ✔✔party making an offer
offeree - ANSWER ✔✔party to whom an offer is made
three elements of an effective offer - ANSWER ✔✔1. clear intent by
offeror
2. clear basic terms and conditions
3. clearly communicated offer
manifestation of intent - ANSWER ✔✔a willingness to be bound
,termination - ANSWER ✔✔withdrawing, rejecting, or time running out
(lapse of time)
option contract - ANSWER ✔✔a binding promise to keep an offer
open for a specific period of time
revocation - ANSWER ✔✔withdrawal of an offer before the offeree
can accept
counteroffer - ANSWER ✔✔a common form of rejection where
offeree changes terms of original offer
termination by the operation of law - ANSWER ✔✔termination of
contract through intervening illegality, if subject matter is destroyed, or if
mental/physical incapacity of offeror
acceptance - ANSWER ✔✔offeree's expression of assent or
agreement
must be unequivocal and definite
bilateral contract - ANSWER ✔✔A type of contract that arises when a
promise is given in exchange for a return promise.
unilateral contracts - ANSWER ✔✔promise for an act (performance)
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, mirror image - ANSWER ✔✔common law principle that states
acceptance of a contract offer must be positive, unconditional, and clear
Lee v. Chmielewski - ANSWER ✔✔courts focus on the plain meaning
of terms of offers and acceptance terms. after car accident, CH sent a
settlement offer to GEICO which would remain open for 14 days. on the
14th day, geico accepted at 5:42 PM via fax and phone call, but no one
was at the office. at 7, a GEICO agent came but office was closed. the
next day, CH said offer withdrawn. lee (GEICO representative) claimed
it'd been acceptance. trial court held no acceptance, but appeals court
reversed because the offer did not indicate a specific time it would
expire. notice and check were sent before end of 24h day.
consideration - ANSWER ✔✔something of value or something
bargained for in exchange for a promise
legal detriment - ANSWER ✔✔an act, a promise to act, or a promise
to refrain from acting, such as giving up a legal right
caley v. gulfstream aerospace corp - ANSWER ✔✔case which
demonstrates adequacy of consideration (trade of mutual promises and
obligations)
Verifed Ace the Test
contract law is primarily - ANSWER ✔✔state common law
law merchant - ANSWER ✔✔lex mercatoria, rules devised by
merchants in europe over several centuries to govern their trade
contract - ANSWER ✔✔a legal relationship consisting of the right snd
duties of contracting parties
promise - ANSWER ✔✔definitions of contract center on promises
express contract - ANSWER ✔✔when there's written or oral
expression of intent by the parties to enter into a legally binding
agreement
,implied contract - ANSWER ✔✔arises from actions rather than
expressions of parties
key elements of a contract - ANSWER ✔✔1. offer and acceptance:
an agreement
2. consideration
3. contractual capacity
4. legality
5. genuine consent
offer - ANSWER ✔✔promise to do something or refrain from doing
something
offeror - ANSWER ✔✔party making an offer
offeree - ANSWER ✔✔party to whom an offer is made
three elements of an effective offer - ANSWER ✔✔1. clear intent by
offeror
2. clear basic terms and conditions
3. clearly communicated offer
manifestation of intent - ANSWER ✔✔a willingness to be bound
,termination - ANSWER ✔✔withdrawing, rejecting, or time running out
(lapse of time)
option contract - ANSWER ✔✔a binding promise to keep an offer
open for a specific period of time
revocation - ANSWER ✔✔withdrawal of an offer before the offeree
can accept
counteroffer - ANSWER ✔✔a common form of rejection where
offeree changes terms of original offer
termination by the operation of law - ANSWER ✔✔termination of
contract through intervening illegality, if subject matter is destroyed, or if
mental/physical incapacity of offeror
acceptance - ANSWER ✔✔offeree's expression of assent or
agreement
must be unequivocal and definite
bilateral contract - ANSWER ✔✔A type of contract that arises when a
promise is given in exchange for a return promise.
unilateral contracts - ANSWER ✔✔promise for an act (performance)
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, mirror image - ANSWER ✔✔common law principle that states
acceptance of a contract offer must be positive, unconditional, and clear
Lee v. Chmielewski - ANSWER ✔✔courts focus on the plain meaning
of terms of offers and acceptance terms. after car accident, CH sent a
settlement offer to GEICO which would remain open for 14 days. on the
14th day, geico accepted at 5:42 PM via fax and phone call, but no one
was at the office. at 7, a GEICO agent came but office was closed. the
next day, CH said offer withdrawn. lee (GEICO representative) claimed
it'd been acceptance. trial court held no acceptance, but appeals court
reversed because the offer did not indicate a specific time it would
expire. notice and check were sent before end of 24h day.
consideration - ANSWER ✔✔something of value or something
bargained for in exchange for a promise
legal detriment - ANSWER ✔✔an act, a promise to act, or a promise
to refrain from acting, such as giving up a legal right
caley v. gulfstream aerospace corp - ANSWER ✔✔case which
demonstrates adequacy of consideration (trade of mutual promises and
obligations)
