BLAW 316 NMSU Exam 3 questions
and answers graded A+
Contracts are primarily governed by... - correct answer ✔✔State Common Law
The UCC applies to... - correct answer ✔✔The sale of goods, this is a statute.
Necessary elements of a contract in order for it to be valid - correct answer ✔✔1) Mutual
assent 2) Consideration 3) Legality 4) Contractual Capacity
A contract involving parties who expressed their mutual assent in words is classified as: - correct
answer ✔✔An Express Contract
A contract involving parties who expressed their mutual assent through conduct is classified as:
- correct answer ✔✔An Implied in-fact contract
Unilateral Contract - correct answer ✔✔Where one person makes a promise. A promise
succeeded by performance.
Bilateral Contract - correct answer ✔✔Both parties make a promise. An exchange of promises
before a performance.
If there is no mutual assent by both parties, whether implied or expressed.... - correct answer
✔✔There is no contract.
Void Contract - correct answer ✔✔Not a contract at all, there is an essential element missing.
, Executory Contract - correct answer ✔✔Half of the contract is done or neither side is done. Not
yet fully executed.
Executed Contract - correct answer ✔✔Fully performed or executed.
A promise that is unsupported by consideration may be enforced: - correct answer ✔✔The
doctrine is known as promissory estoppel, and its purpose is to prevent injustice.
Not actually contracts... - correct answer ✔✔Quasi-contracts, void contracts, implied in law
contracts.
Quasi-contracts - correct answer ✔✔(Sort of or As if contracts) to prevent unjustly
enriched.Example: Someone paints your house instead of your neighbor's house and you stand
there and allow them to do it. They come to ask for your payment and you say you never
wanted your house painted, it was your neighbor's house they were suppose to paint. Since you
stood and allowed them to paint your house, you will still have to pay the reasonable market
value for the paint job.
Option Contract - correct answer ✔✔You put a down payment so that they can keep the offer
open for you, this is buying an "option."
Mirror Image Rule - correct answer ✔✔Acceptance of the offer must be the mirror image of
that same offer.
Can You Terminate an offer after you've made it? - correct answer ✔✔Yes, before anyone
accepts it.
Offeree - correct answer ✔✔The person who receives an offer
Offeror - correct answer ✔✔The person who creates an offer.
and answers graded A+
Contracts are primarily governed by... - correct answer ✔✔State Common Law
The UCC applies to... - correct answer ✔✔The sale of goods, this is a statute.
Necessary elements of a contract in order for it to be valid - correct answer ✔✔1) Mutual
assent 2) Consideration 3) Legality 4) Contractual Capacity
A contract involving parties who expressed their mutual assent in words is classified as: - correct
answer ✔✔An Express Contract
A contract involving parties who expressed their mutual assent through conduct is classified as:
- correct answer ✔✔An Implied in-fact contract
Unilateral Contract - correct answer ✔✔Where one person makes a promise. A promise
succeeded by performance.
Bilateral Contract - correct answer ✔✔Both parties make a promise. An exchange of promises
before a performance.
If there is no mutual assent by both parties, whether implied or expressed.... - correct answer
✔✔There is no contract.
Void Contract - correct answer ✔✔Not a contract at all, there is an essential element missing.
, Executory Contract - correct answer ✔✔Half of the contract is done or neither side is done. Not
yet fully executed.
Executed Contract - correct answer ✔✔Fully performed or executed.
A promise that is unsupported by consideration may be enforced: - correct answer ✔✔The
doctrine is known as promissory estoppel, and its purpose is to prevent injustice.
Not actually contracts... - correct answer ✔✔Quasi-contracts, void contracts, implied in law
contracts.
Quasi-contracts - correct answer ✔✔(Sort of or As if contracts) to prevent unjustly
enriched.Example: Someone paints your house instead of your neighbor's house and you stand
there and allow them to do it. They come to ask for your payment and you say you never
wanted your house painted, it was your neighbor's house they were suppose to paint. Since you
stood and allowed them to paint your house, you will still have to pay the reasonable market
value for the paint job.
Option Contract - correct answer ✔✔You put a down payment so that they can keep the offer
open for you, this is buying an "option."
Mirror Image Rule - correct answer ✔✔Acceptance of the offer must be the mirror image of
that same offer.
Can You Terminate an offer after you've made it? - correct answer ✔✔Yes, before anyone
accepts it.
Offeree - correct answer ✔✔The person who receives an offer
Offeror - correct answer ✔✔The person who creates an offer.
