Contract Law Principles – Virginia PL Level 6 | Exam
Questions & Key Terms Explained Latest Update
Answers Verified and A+ Graded
consideration
something of value exchanged by the parties as evidence of agreement to the terms of a
contract
contract
a legally enforceable and binding agreement between parties wherein a promise to do or not do
something is given in exchange for valuable consideration
enforceability
possessing the essential elements necessary to be legally binding and obligate performance;
used to describe the compelling nature of a valid contract
null and void
lacking legal or binding force; invalid
parol contract
an orally created contract or the oral modification of a written contract; enforceability depends
on circumstances surrounding creation
statute of frauds
a law which requires certain types of contracts, including those conveying interest in real
property, to be in writing to be enforceable
statute of limitations
a legal concept that establishes time limits for bringing certain kinds of legal actions
validity
possessing accuracy and, in context of contractual status, being legally binding and enforceable
void
lacking legal or binding force; used to describe a contract that is either illegal or impossible to
complete
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Questions & Key Terms Explained Latest Update
Answers Verified and A+ Graded
consideration
something of value exchanged by the parties as evidence of agreement to the terms of a
contract
contract
a legally enforceable and binding agreement between parties wherein a promise to do or not do
something is given in exchange for valuable consideration
enforceability
possessing the essential elements necessary to be legally binding and obligate performance;
used to describe the compelling nature of a valid contract
null and void
lacking legal or binding force; invalid
parol contract
an orally created contract or the oral modification of a written contract; enforceability depends
on circumstances surrounding creation
statute of frauds
a law which requires certain types of contracts, including those conveying interest in real
property, to be in writing to be enforceable
statute of limitations
a legal concept that establishes time limits for bringing certain kinds of legal actions
validity
possessing accuracy and, in context of contractual status, being legally binding and enforceable
void
lacking legal or binding force; used to describe a contract that is either illegal or impossible to
complete
1|Page
