Pleasant BLAW Exam 3 Questions With Verified Answers

Pleasant BLAW Exam 3 Questions With Verified Answers Contract - answerAn agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act now or in the future. Bilateral Contract - answerpromise for a promise Unilateral Contract - answerpromise in exchange for an act Formal Contract - answerrequires a special form for creation Informal Contract - answerrequires no special form for creation Express Contract - answerFormed by words (oral, written, or a combination) Implied Contract - answerformed by the conduct of the parties Purposes of Contracts - answerSale of Merchandise Employment Transfer of ownership of land or personal property expressed contract - answermade clear, specifically stated implied contract - answerbased on actions Quasi Contract - answera contract formed after the fact example: unjust enrichment, benefit underserved 4 elements of a contract - answer1. Agreement 2. Consideration 3. Capacity 4. Legality 3 Parts of Valid Offer - answer1. definite and certain 2. communicated to offeree