LSTD 2106 Exam 2 CORRECT 100%
Contract - ANSWERset of promises enforceable by law
Elements of a contract - ANSWERmutual assent, capacity to contract, consideration,
legal purpose
Mutal assent - ANSWERthere must be an offer and an agreement between the
parties
capacity to contract - ANSWERproper age and mental competence
consideration - ANSWERmust be a bargained for exchange of goods and services;
mutual exchange of benefits and detriments
legal purpose - ANSWERreason/outcome must be legal
State Common Law - ANSWERservices or real estate, legal, accounting,
engineering
state statutory law - ANSWERuniform commercial code law, goods, leasing of
equipment
How are hybrids subject matter determined - ANSWERallocation of price,
uniqueness
bilateral contract - ANSWERtwo promises and two performances
unilateral contract - ANSWERone promise followed by one performance which then
triggers a second performance
express contract - ANSWERparties have knowingly and intentionally agreed on the
promises and performances
implied contract - ANSWERone which the agreement is reached by the parties'
actions
What does an offer require? - ANSWERSerious intention to become bound by the
offer, reasonably certain terms, communication to the offeree
What are advertisements considered? - ANSWERinvitation to extend a specific offer
to buy
What information is essential in a contract? - ANSWERsubject matter, parties to
contract, price/other consideration, time performace
define acceptance - ANSWERthe offeree's expression of agreement to the terms of
the offer
Contract - ANSWERset of promises enforceable by law
Elements of a contract - ANSWERmutual assent, capacity to contract, consideration,
legal purpose
Mutal assent - ANSWERthere must be an offer and an agreement between the
parties
capacity to contract - ANSWERproper age and mental competence
consideration - ANSWERmust be a bargained for exchange of goods and services;
mutual exchange of benefits and detriments
legal purpose - ANSWERreason/outcome must be legal
State Common Law - ANSWERservices or real estate, legal, accounting,
engineering
state statutory law - ANSWERuniform commercial code law, goods, leasing of
equipment
How are hybrids subject matter determined - ANSWERallocation of price,
uniqueness
bilateral contract - ANSWERtwo promises and two performances
unilateral contract - ANSWERone promise followed by one performance which then
triggers a second performance
express contract - ANSWERparties have knowingly and intentionally agreed on the
promises and performances
implied contract - ANSWERone which the agreement is reached by the parties'
actions
What does an offer require? - ANSWERSerious intention to become bound by the
offer, reasonably certain terms, communication to the offeree
What are advertisements considered? - ANSWERinvitation to extend a specific offer
to buy
What information is essential in a contract? - ANSWERsubject matter, parties to
contract, price/other consideration, time performace
define acceptance - ANSWERthe offeree's expression of agreement to the terms of
the offer
