LES 305 CLARK ASU NEWEST EXAM 2 ACTUAL 2025/2026
WITH COMP-LETE QUESTIONS AND
ANSWERS/VERIFIED/GRADED A+
Valid contract 4 elements - -Answers--1.mutual assent
2. Consideration
3. Capacity
4. Legality
Mutual assent - -Answers--meeting of the minds
Rose of aberlone case-barren cow
Seller had to rescind (cancel)
Cow was barren
offer - -Answers--Power of acceptance
Acceptance - -Answers--Typically in writing
Performance is the only way to accept
Mailbox Rule - -Answers--Governs common law contracts
and determines when offer is accepted
Terminating an Offer - -Answers--Revocation, rejection,
counteroffer, operation of law
, operation of law - -Answers--lapse of time, destruction, death
or incompetence, supervening illegality
essential terms of a contract - -Answers--Partner, subject
matter, time frame, price
Contract may be cancelled if - -Answers--Mutual mistake or
unilateral mistake happens
contract - -Answers--Enforceable by law
Oral contract - -Answers--May be enforcable
Statute of Frauds - -Answers--must be in writing
Bilateral Contract - -Answers--involves two promises and
two performances
Unilateral Contract - -Answers--Involves 1 promise and 1
performance
Express Contract - -Answers--Parties knowingly and
intentionally agree on promises and performances
Implied Contract - -Answers--Agreement reached by parties
actions
WITH COMP-LETE QUESTIONS AND
ANSWERS/VERIFIED/GRADED A+
Valid contract 4 elements - -Answers--1.mutual assent
2. Consideration
3. Capacity
4. Legality
Mutual assent - -Answers--meeting of the minds
Rose of aberlone case-barren cow
Seller had to rescind (cancel)
Cow was barren
offer - -Answers--Power of acceptance
Acceptance - -Answers--Typically in writing
Performance is the only way to accept
Mailbox Rule - -Answers--Governs common law contracts
and determines when offer is accepted
Terminating an Offer - -Answers--Revocation, rejection,
counteroffer, operation of law
, operation of law - -Answers--lapse of time, destruction, death
or incompetence, supervening illegality
essential terms of a contract - -Answers--Partner, subject
matter, time frame, price
Contract may be cancelled if - -Answers--Mutual mistake or
unilateral mistake happens
contract - -Answers--Enforceable by law
Oral contract - -Answers--May be enforcable
Statute of Frauds - -Answers--must be in writing
Bilateral Contract - -Answers--involves two promises and
two performances
Unilateral Contract - -Answers--Involves 1 promise and 1
performance
Express Contract - -Answers--Parties knowingly and
intentionally agree on promises and performances
Implied Contract - -Answers--Agreement reached by parties
actions
