Pleasant BLAW Exam 3
Contract - correct answer ✔✔An 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 - correct answer ✔✔promise for a promise
Unilateral Contract - correct answer ✔✔promise in exchange for an act
Formal Contract - correct answer ✔✔requires a special form for creation
Informal Contract - correct answer ✔✔requires no special form for creation
Express Contract - correct answer ✔✔Formed by words (oral, written, or a combination)
Implied Contract - correct answer ✔✔formed by the conduct of the parties
Purposes of Contracts - correct answer ✔✔Sale of Merchandise
Employment
Transfer of ownership of land or personal property
expressed contract - correct answer ✔✔made clear, specifically stated
implied contract - correct answer ✔✔based on actions
Quasi Contract - correct answer ✔✔a contract formed after the fact
example: unjust enrichment, benefit underserved
, 4 elements of a contract - correct answer ✔✔1. Agreement
2. Consideration
3. Capacity
4. Legality
3 Parts of Valid Offer - correct answer ✔✔1. definite and certain
2. communicated to offeree
3. serious intention that offeror will be bound
duress - correct answer ✔✔Unlawful pressure brought to bear on a person, causing the person to
perform an act that he or she would not otherwise perform.
Undue Influence - correct answer ✔✔arises when one party can greatly influence another due to a
relationship and trust
unconsionable contracts - correct answer ✔✔Shock your conscious
shockingly unjust or unfair
Statue of Frauds - correct answer ✔✔A state statute under which certain types of contracts must be in
writing to be enforceable.
Contracts under Statue of Frauds - correct answer ✔✔1. Agreements by an executor or administrator to
pay the debts of a deceased person.
2. Agreements to answer for the debts of another.
3. Agreements that cannot be completed in less
than one year.
4. Agreements made in contemplation of marriage.
5. Agreements to sell any interest in real property.
6. Agreements to sell personal property for $500 or more.
Contract - correct answer ✔✔An 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 - correct answer ✔✔promise for a promise
Unilateral Contract - correct answer ✔✔promise in exchange for an act
Formal Contract - correct answer ✔✔requires a special form for creation
Informal Contract - correct answer ✔✔requires no special form for creation
Express Contract - correct answer ✔✔Formed by words (oral, written, or a combination)
Implied Contract - correct answer ✔✔formed by the conduct of the parties
Purposes of Contracts - correct answer ✔✔Sale of Merchandise
Employment
Transfer of ownership of land or personal property
expressed contract - correct answer ✔✔made clear, specifically stated
implied contract - correct answer ✔✔based on actions
Quasi Contract - correct answer ✔✔a contract formed after the fact
example: unjust enrichment, benefit underserved
, 4 elements of a contract - correct answer ✔✔1. Agreement
2. Consideration
3. Capacity
4. Legality
3 Parts of Valid Offer - correct answer ✔✔1. definite and certain
2. communicated to offeree
3. serious intention that offeror will be bound
duress - correct answer ✔✔Unlawful pressure brought to bear on a person, causing the person to
perform an act that he or she would not otherwise perform.
Undue Influence - correct answer ✔✔arises when one party can greatly influence another due to a
relationship and trust
unconsionable contracts - correct answer ✔✔Shock your conscious
shockingly unjust or unfair
Statue of Frauds - correct answer ✔✔A state statute under which certain types of contracts must be in
writing to be enforceable.
Contracts under Statue of Frauds - correct answer ✔✔1. Agreements by an executor or administrator to
pay the debts of a deceased person.
2. Agreements to answer for the debts of another.
3. Agreements that cannot be completed in less
than one year.
4. Agreements made in contemplation of marriage.
5. Agreements to sell any interest in real property.
6. Agreements to sell personal property for $500 or more.
