BUS 115 TEST 3 COMPLETELY
SOLVED!!!
Legally Enforceable Agreement - ANSWER 1. offer
2. acceptance
3. consideration
4. legality
5. capacity
6. consent
7. writing
Offer and Acceptance - ANSWER something needs to be proposed and accepted
Consideration - ANSWER both parties are bond, both committed (exchange of
promises)
Capacity - ANSWER -have to be an adult
-sound mind (not intoxicated, have to know what you're signing up for)
Legal Purpose - ANSWER can not be for an illegal cause
Consent - ANSWER certain kinds of trickery or force can prevent a contract from
forming (seller painting mold over before selling)
Writing - ANSWER some contracts have to libel
Contracts - ANSWER a promise that the law will enforce
Common Law (case law) - ANSWER -real estate, employment, serivces, marriage
-definite
-no price no contract
Executory - ANSWER hasn't been finished/ not done performing (in progess)
Executed - ANSWER both parties have complete both ends of the contract
Valid - ANSWER satisties the law's requirements (all elements are included)
Unenforceable - ANSWER when the parties intend to form a valid bargain but some rule
of law prevents enforcement (getting a boob job from a doctor with no practice to do so)
Voidable - ANSWER when the law permits one party to terminate the agreement
(formed a contract while intoxicated, you're given this opportunity)
, Void - ANSWER one that neither party can enforce, usually because the purpose is
illegal or one of the parties had no legal authority
Quasi-Contract - ANSWER even when there is no contract, a court may use quasi-
contract to compensate a plantiff who can show that
Quasi Requirements - ANSWER 1. benefits to plantiff
2. expectation of money
3.unjust enrichment
Quantum Meruit - ANSWER the damages awarded in a quasi-contract case
D (void) - ANSWER A sitcom actor, exhausted after his 10-hour workweek, agrees to
buy a breifcase full of cocaine from Lewis for $12,000. John and the actor have a
______ contract.
A) valid
B) unenforceable
C) voidable
D) void
C (pam did not give consideration) - ANSWER Carol says, "Pam, you're my best friend
in the world. I just inherited a million bucks, and I want you to have some of it. Come
with me to the bank tomorrow, and I'll give you $10,000." "Sweet!" Pam replies. Later
that day, Carol has a change of heart. She is allowed to do so?
A) the agreement was not put into writing
B) the agreement lacks a legal purpose
C) Pam did not give consideration
D) Pam does not have the capacity to make a contract
C (Ucc; common law) - ANSWER Linda goes to an electronics store and buys a TV.
Lauren hires a cleaning service for her home to come once a week. The _______
governs Linda's contract with the store, and the _________governs Lauren's contract
with the cleaning company.
A. common law; common law
B. common law; UCC
C. UCC; common law
D. UCC; UCC
Primary Purpsoe - ANSWER this is a test to gauge whether the common law or the
UCC is in control of the case
Meeting of the Minds - ANSWER Understanding and intend between the parties on all
terms of the contract
SOLVED!!!
Legally Enforceable Agreement - ANSWER 1. offer
2. acceptance
3. consideration
4. legality
5. capacity
6. consent
7. writing
Offer and Acceptance - ANSWER something needs to be proposed and accepted
Consideration - ANSWER both parties are bond, both committed (exchange of
promises)
Capacity - ANSWER -have to be an adult
-sound mind (not intoxicated, have to know what you're signing up for)
Legal Purpose - ANSWER can not be for an illegal cause
Consent - ANSWER certain kinds of trickery or force can prevent a contract from
forming (seller painting mold over before selling)
Writing - ANSWER some contracts have to libel
Contracts - ANSWER a promise that the law will enforce
Common Law (case law) - ANSWER -real estate, employment, serivces, marriage
-definite
-no price no contract
Executory - ANSWER hasn't been finished/ not done performing (in progess)
Executed - ANSWER both parties have complete both ends of the contract
Valid - ANSWER satisties the law's requirements (all elements are included)
Unenforceable - ANSWER when the parties intend to form a valid bargain but some rule
of law prevents enforcement (getting a boob job from a doctor with no practice to do so)
Voidable - ANSWER when the law permits one party to terminate the agreement
(formed a contract while intoxicated, you're given this opportunity)
, Void - ANSWER one that neither party can enforce, usually because the purpose is
illegal or one of the parties had no legal authority
Quasi-Contract - ANSWER even when there is no contract, a court may use quasi-
contract to compensate a plantiff who can show that
Quasi Requirements - ANSWER 1. benefits to plantiff
2. expectation of money
3.unjust enrichment
Quantum Meruit - ANSWER the damages awarded in a quasi-contract case
D (void) - ANSWER A sitcom actor, exhausted after his 10-hour workweek, agrees to
buy a breifcase full of cocaine from Lewis for $12,000. John and the actor have a
______ contract.
A) valid
B) unenforceable
C) voidable
D) void
C (pam did not give consideration) - ANSWER Carol says, "Pam, you're my best friend
in the world. I just inherited a million bucks, and I want you to have some of it. Come
with me to the bank tomorrow, and I'll give you $10,000." "Sweet!" Pam replies. Later
that day, Carol has a change of heart. She is allowed to do so?
A) the agreement was not put into writing
B) the agreement lacks a legal purpose
C) Pam did not give consideration
D) Pam does not have the capacity to make a contract
C (Ucc; common law) - ANSWER Linda goes to an electronics store and buys a TV.
Lauren hires a cleaning service for her home to come once a week. The _______
governs Linda's contract with the store, and the _________governs Lauren's contract
with the cleaning company.
A. common law; common law
B. common law; UCC
C. UCC; common law
D. UCC; UCC
Primary Purpsoe - ANSWER this is a test to gauge whether the common law or the
UCC is in control of the case
Meeting of the Minds - ANSWER Understanding and intend between the parties on all
terms of the contract
