LSTD 2106 EXAM 2 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS (2)
Question:
what is an implied contract
Answer:
an agreement that is already known by both parties' conduct
ex: hairdresser knowing to always touch up your roots with constant agreed upon
price
Question:
what is a voidable contract
Answer:
agreement is not automatically tossed out, but we will give one of the parties the
option to get out of it (lacks capacity or consent)
Question:
what are the four overarching questions when
determining if it is a contract
Answer:
1. did the parties form an enforceable contract
2. what were the terms and duties of the contract
3. did the defendant do what they promised
4. what remedy will we provide to compensate the plaintiff
Question:
what test do we use to determine if it was an enforceable
contract
Answer:
7 elements test (has to meet each element)
Question:
what are the 7 elements of the 7 elements test
Answer:
1. offer
2. acceptance
3. consideration
4. legality
5. capacity
6. consent
7. writing
Question:
what does serious intent to be bound mean
Answer:
, every statement can be labeled as: 1. serious offer; or 2. invitation to deal; or 3.
jest (joking)
Question:
what is a test what we can use to distinguish serious
offers from jokes
Answer:
objective test (reasonable person test)
Question:
why can't we use a subjective test to distinguish an offer
from a joke
Answer:
it is problematic because we do not know what is going on is someone's head
Question:
as long as the offer is floating out there, the offer can be
_______
Answer:
accepted
Question:
under the acceptance element, to be effective, the
offeree has to do ______
Answer:
accept the terms of the offer
Question:
what are the 2 situations when the offeror cannot revoke
an offer
Answer:
partial performance/detrimental reliance or option contract
Question:
what is rejection
Answer:
offeree already rejected the offer, if offeree comes back and tries to get it back,
offeror can say no
Question:
when can the offer be terminated by the operation of law
Answer:
- lapse of time
- death/incapacity (one of the parties dies)
-destruction of the subject
- supervening illegality
Question:
AND CORRECT ANSWERS (2)
Question:
what is an implied contract
Answer:
an agreement that is already known by both parties' conduct
ex: hairdresser knowing to always touch up your roots with constant agreed upon
price
Question:
what is a voidable contract
Answer:
agreement is not automatically tossed out, but we will give one of the parties the
option to get out of it (lacks capacity or consent)
Question:
what are the four overarching questions when
determining if it is a contract
Answer:
1. did the parties form an enforceable contract
2. what were the terms and duties of the contract
3. did the defendant do what they promised
4. what remedy will we provide to compensate the plaintiff
Question:
what test do we use to determine if it was an enforceable
contract
Answer:
7 elements test (has to meet each element)
Question:
what are the 7 elements of the 7 elements test
Answer:
1. offer
2. acceptance
3. consideration
4. legality
5. capacity
6. consent
7. writing
Question:
what does serious intent to be bound mean
Answer:
, every statement can be labeled as: 1. serious offer; or 2. invitation to deal; or 3.
jest (joking)
Question:
what is a test what we can use to distinguish serious
offers from jokes
Answer:
objective test (reasonable person test)
Question:
why can't we use a subjective test to distinguish an offer
from a joke
Answer:
it is problematic because we do not know what is going on is someone's head
Question:
as long as the offer is floating out there, the offer can be
_______
Answer:
accepted
Question:
under the acceptance element, to be effective, the
offeree has to do ______
Answer:
accept the terms of the offer
Question:
what are the 2 situations when the offeror cannot revoke
an offer
Answer:
partial performance/detrimental reliance or option contract
Question:
what is rejection
Answer:
offeree already rejected the offer, if offeree comes back and tries to get it back,
offeror can say no
Question:
when can the offer be terminated by the operation of law
Answer:
- lapse of time
- death/incapacity (one of the parties dies)
-destruction of the subject
- supervening illegality
Question:
