Les 305 Clark asu exam 2 Questions with Detailed
Verified Answers
contract Ans: Enforceable by law
Oral contract Ans: May be enforcable
Statute of Frauds Ans: must be in writing
Bilateral Contract Ans: involves two promises and two performances
Unilateral Contract Ans: Involves 1 promise and 1 performance
Express Contract Ans: Parties knowingly and intentionally agree on promises and
performances
Implied Contract Ans: Agreement reached by parties actions
Quasi Contract Ans: Agreement in legal friction and created by law to prevent unjust
enrichment
Voidable Contract Ans: Party can cancel an otherwise valid contract due to
circumstances
Unenforceable Contract Ans: Considered valid (meets 4 elements) but at least one
party has legal defense to performing the contract
Hybrid Contracts Ans: Goods and services. Determines Predominant thrust of
contract subject matter
Predominant Thrust Ans: 1. Examine allocation of price
, 2. Examine uniqueness of services
Valid contract 4 elements Ans: 1.mutual assent
2. Consideration
3. Capacity
4. Legality
Mutual assent Ans: meeting of the minds
Rose of aberlone case-barren cow
Seller had to rescind (cancel)
Cow was barren
offer Ans: Power of acceptance
Acceptance Ans: Typically in writing
Performance is the only way to accept
Mailbox Rule Ans: Governs common law contracts and determines when offer is
accepted
Terminating an Offer Ans: Revocation, rejection, counteroffer, operation of law
operation of law Ans: lapse of time, destruction, death or incompetence, supervening
illegality
© Get it right 2025 Getaway - Stuvia US All rights reserved
Verified Answers
contract Ans: Enforceable by law
Oral contract Ans: May be enforcable
Statute of Frauds Ans: must be in writing
Bilateral Contract Ans: involves two promises and two performances
Unilateral Contract Ans: Involves 1 promise and 1 performance
Express Contract Ans: Parties knowingly and intentionally agree on promises and
performances
Implied Contract Ans: Agreement reached by parties actions
Quasi Contract Ans: Agreement in legal friction and created by law to prevent unjust
enrichment
Voidable Contract Ans: Party can cancel an otherwise valid contract due to
circumstances
Unenforceable Contract Ans: Considered valid (meets 4 elements) but at least one
party has legal defense to performing the contract
Hybrid Contracts Ans: Goods and services. Determines Predominant thrust of
contract subject matter
Predominant Thrust Ans: 1. Examine allocation of price
, 2. Examine uniqueness of services
Valid contract 4 elements Ans: 1.mutual assent
2. Consideration
3. Capacity
4. Legality
Mutual assent Ans: meeting of the minds
Rose of aberlone case-barren cow
Seller had to rescind (cancel)
Cow was barren
offer Ans: Power of acceptance
Acceptance Ans: Typically in writing
Performance is the only way to accept
Mailbox Rule Ans: Governs common law contracts and determines when offer is
accepted
Terminating an Offer Ans: Revocation, rejection, counteroffer, operation of law
operation of law Ans: lapse of time, destruction, death or incompetence, supervening
illegality
© Get it right 2025 Getaway - Stuvia US All rights reserved
