LES 305 Clark ASU Exam 2 | 2026/2027 | A+ Grade | Questions Merged With Correct Complete Solutions || Already Graded A+ || Latest Update!!!

LES 305 Clark ASU Exam 2 | 2026/2027 |
A+ Grade | Questions Merged With
Correct Complete Solutions || Already
Graded A+ || 2026-2027 Latest Update!!!




contract - ANSWER-Enforceable by law
Oral contract - ANSWER-May be enforceable
Statute of Frauds - ANSWER-must be in writing
Bilateral Contract - ANSWER-involves two promises and two
performances
Unilateral Contract - ANSWER-Involves 1 promise and 1 performance
Express Contract - ANSWER-Parties knowingly and intentionally agree
on promises and performances
Implied Contract - ANSWER-Agreement reached by parties’ actions
Quasi Contract - ANSWER-Agreement in legal friction and created by
law to prevent unjust enrichment

, Voidable Contract - ANSWER-Party can cancel an otherwise valid
contract due to circumstances
Unenforceable Contract - ANSWER-Considered valid (meets 4
elements) but at least one party has legal defense to performing the
contract
Hybrid Contracts - ANSWER-Goods and services. Determines
Predominant thrust of contract subject matter
Predominant Thrust - ANSWER-1. Examine allocation of price
2. Examine uniqueness of services
Valid contract 4 elements - ANSWER-1. mutual assent
2. Consideration
3. Capacity
4. Legality
Mutual assent - ANSWER-meeting of the minds
Rose of Aber lone case-barren cow
Seller had to rescind (cancel)
Cow was barren
offer - ANSWER-Power of acceptance
Acceptance - ANSWER-Typically in writing
Performance is the only way to accept
Mailbox Rule - ANSWER-Governs common law contracts and
determines when offer is accepted