LAW TEST 3 QUESTIONS AND ANSWERS GRADED A+ EXAM FALL 2024

LAW TEST 3 QUESTIONS AND ANSWERS GRADED A+ EXAM FALL 2024 Contract - -A contract is based on a promise. It is formed by two or more parties who agrees to perform some act in exchange for something. Common law - -governs all contracts execpt those governed by statue as the Uniform Commerical Code (UCC) Four requirements for a valid contract - -agreement, consideration, capacity, legality Voidable Contract - -A contract that may be legally avoided at the option of one or both of the parties. A contract signed by an intoxicated person - -is voildable if she/he can prove that they did not understand what they were signing Mirror Image Rule - -A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed. Pre-Exsisting Duty Rule - -A promise to do what one already has legal duty of Online offers - -Are enforceable and vaild provided the terms of the offer prvoided. Online offers should include - -Sellers website should include a link with text of full contract. Minors and Contracts - -are not legally bound to contracts Parents of minors - -Are not liable for contracts signed by their underage childern