LGS 200 EXAM 2 CHARLYE ADAMS UA UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

LGS 200 EXAM 2 CHARLYE ADAMS UA UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS

Question:
1. Elements to have a valid contract
Answer:
Agreement, Consideration, Contractual Capacity, Legality

Question:
2. Agreement
Answer:
offer and acceptance, a mutual assent, meeting of the minds

Question:
3. Consideration
Answer:
legally sufficient and bargained for

Question:
4. contractual capacity
Answer:
all parties must be competent

Question:
5. Legality
Answer:
purpose of contract must be legal at the time of execution

Question:
6. Unilateral Contract
Answer:
a promise for an act
-Under the UCC, offeree must communicate acceptance of the offer back to the offeror in a reasonable
amount of time, if not, it has lapsed
ex: i promise to pay you 500 dollars if you deliver 300 pounds of cheese, acceptance = when you deliver
cheese

Question:
7. Bilateral Contract
Answer:
A promise for a promise Offeree must only promise to perform
-promise to paint your door if you promise me money

Question:
8. If you're drunk when you sign a contract, the contract is