LSTD 2106 TEST 2 SIPE WITH
COMPLETE SOLUTIONS
contract - ANSWER-a promise or a set of promises which are enforceable by law
promise - ANSWER-a firm agreement to perform an act or make a payment
written contract - ANSWER-contracts that the terms are in writing
oral contracts - ANSWER-contract that is verbally made
bi-lateral contract - ANSWER-a contract that is a promise in exchange for a promise
uni-lateral contract - ANSWER-a promise in exchange for a performance
(a reward contract)
expressed contract - ANSWER-when parties knowingly and intentionally agree on
promises and performances of a contract
implied contract - ANSWER-parties agree based on their actions not words (ordering
food at a restaurant, no promises of paying for food but its implied)
quasi-contract - ANSWER-a contract that can be enforceable when its neither an
expressed or implied contract.
(an unconscious patient at a hospital receives treatment even though there is not
expressed or implied contract the hospital will still receive payment)
valid contract - ANSWER-when a contract has the required elements
void contract - ANSWER-when a contract is missing an element or has not been formed
legally
Lucy won the case because there was mutual assent and the business was talked
about long enough to not be considered joking.
Advertisements as Offers - ANSWER-advertisements are not offers but are considered
invitations
Acceptance - ANSWER-offeree's expression of accepting the terms of the offer, but only
if its still an offer
Termination of an offer - ANSWER-revocation-offer is revoked before acceptance
, rejection-Offer is rejected by offeree
Counter offer-Offeree proposes new offer
irrevocable offer - ANSWER-1-offers in form of option contract
2-offer that offeree partially performed or
detrimentally relied on
3-so-called firm offers by a merchant under UCC
Termination by Operation of Law - ANSWER-1-lapse of time (reasonable period of time)
2-death or incapacity
3-destruction of subject matter before acceptance
4-supervening illegality
voidable contract - ANSWER-when the law gives one or more parties the right to cancel
the contract
Unenforceable Contract - ANSWER-may meet all requirements but one part asserts a
legal defense to performing the contract
sources of contract law - ANSWER-state common law and the statute UCC
state common law - ANSWER-contract for services
statute UCC - ANSWER-contract for goods or products
primary purpose test - ANSWER-to decide which law the contract falls under
7 elements of a contract - ANSWER-Offer, Acceptance, Consideration, Legality,
Capacity, Consent, writing
hybrid contract - ANSWER-contract involving goods and services
Offer - ANSWER-a promise or commitment to perform a specified activity. (such as
selling goods at a certain price)
Offeror - ANSWER-person who makes the offer
Offeree - ANSWER-person who receives the offer
COMPLETE SOLUTIONS
contract - ANSWER-a promise or a set of promises which are enforceable by law
promise - ANSWER-a firm agreement to perform an act or make a payment
written contract - ANSWER-contracts that the terms are in writing
oral contracts - ANSWER-contract that is verbally made
bi-lateral contract - ANSWER-a contract that is a promise in exchange for a promise
uni-lateral contract - ANSWER-a promise in exchange for a performance
(a reward contract)
expressed contract - ANSWER-when parties knowingly and intentionally agree on
promises and performances of a contract
implied contract - ANSWER-parties agree based on their actions not words (ordering
food at a restaurant, no promises of paying for food but its implied)
quasi-contract - ANSWER-a contract that can be enforceable when its neither an
expressed or implied contract.
(an unconscious patient at a hospital receives treatment even though there is not
expressed or implied contract the hospital will still receive payment)
valid contract - ANSWER-when a contract has the required elements
void contract - ANSWER-when a contract is missing an element or has not been formed
legally
Lucy won the case because there was mutual assent and the business was talked
about long enough to not be considered joking.
Advertisements as Offers - ANSWER-advertisements are not offers but are considered
invitations
Acceptance - ANSWER-offeree's expression of accepting the terms of the offer, but only
if its still an offer
Termination of an offer - ANSWER-revocation-offer is revoked before acceptance
, rejection-Offer is rejected by offeree
Counter offer-Offeree proposes new offer
irrevocable offer - ANSWER-1-offers in form of option contract
2-offer that offeree partially performed or
detrimentally relied on
3-so-called firm offers by a merchant under UCC
Termination by Operation of Law - ANSWER-1-lapse of time (reasonable period of time)
2-death or incapacity
3-destruction of subject matter before acceptance
4-supervening illegality
voidable contract - ANSWER-when the law gives one or more parties the right to cancel
the contract
Unenforceable Contract - ANSWER-may meet all requirements but one part asserts a
legal defense to performing the contract
sources of contract law - ANSWER-state common law and the statute UCC
state common law - ANSWER-contract for services
statute UCC - ANSWER-contract for goods or products
primary purpose test - ANSWER-to decide which law the contract falls under
7 elements of a contract - ANSWER-Offer, Acceptance, Consideration, Legality,
Capacity, Consent, writing
hybrid contract - ANSWER-contract involving goods and services
Offer - ANSWER-a promise or commitment to perform a specified activity. (such as
selling goods at a certain price)
Offeror - ANSWER-person who makes the offer
Offeree - ANSWER-person who receives the offer
