LOMA 311: Module 3 EXAM fully solved & updated (latest version verified for accuracy)
(Questions + Answers) Solved 100% Correct!!
Case Law - (answer)Body of common law that governs contracts
Center of Gravity Rule - (answer)Rule that states that the law of the jurisdiction that has the greatest
interest in the contract governs the contract.
Formal Contract - (answer)A contract that is enforceable because the parties met certain formalities
concerning the form of the agreement.
Informal Contract - (answer)A contract that is enforceable because the parties met requirements
concerning the substance of the agreement.
Bilateral Contract - (answer)A contract where both parties make legally enforceable promises.
Unilateral contract - (answer)A contract where only one of the parties makes a legally enforceable
promise.
Commutative Contract - (answer)A contract where the parties specify in advance the values they will
exchange, and the parties generally exchange items or services that they think are of relative value.
Aleatory Contract - (answer)A contract where one party provides something of value to another party in
exchange for a conditional promise.
Bargaining Contract - (answer)A contract created when both parties, as equals, set terms and conditions
of the contract.
Contract of Adhesion - (answer)A contract where one party prepares the contract and the other must
accept it or reject it as a whole.
Valid Contract - (answer)A contract enforceable by law.
, LOMA 311: Module 3 EXAM fully solved & updated (latest version verified for accuracy)
(Questions + Answers) Solved 100% Correct!!
Void Contract - (answer)An agreement that was never enforceable by law.
Voidable Contract - (answer)A contract in which a party has the right to avoid the obligations under the
contract.
Offer - (answer)A proposal that, if accepted by another according to its terms, constitutes a binding
contract.
Defense of Duress - (answer)When a person acts wrongfully or threateningly to overpower the will of
another so as to force that person to enter into a contract against their will.
Defense of Undue Influence - (answer)The misuse by one person of a position of power or confidence to
overcome the free will of another person.
Accord and Satisfaction Agreement - (answer)A way to discharge a contract when one party agrees to
accept something other than what he was entitled under the original contract.
Statute of Frauds - (answer)A law that declares certain types of contracts to be unenforceable unless
they are in writing and signed by all parties.
Parol Evidence - (answer)Evidence that is outside of a written agreement (i.e., orgal statements, letters
or memoranda).
Parol Evidence Rule - (answer)Rule that states that parol evidence is not admissible to add to, vary, or
contradict the terms of a written contract.
Agent - (answer)A party who is authorized by another party, the principal, to act on the principal's
behalf.
(Questions + Answers) Solved 100% Correct!!
Case Law - (answer)Body of common law that governs contracts
Center of Gravity Rule - (answer)Rule that states that the law of the jurisdiction that has the greatest
interest in the contract governs the contract.
Formal Contract - (answer)A contract that is enforceable because the parties met certain formalities
concerning the form of the agreement.
Informal Contract - (answer)A contract that is enforceable because the parties met requirements
concerning the substance of the agreement.
Bilateral Contract - (answer)A contract where both parties make legally enforceable promises.
Unilateral contract - (answer)A contract where only one of the parties makes a legally enforceable
promise.
Commutative Contract - (answer)A contract where the parties specify in advance the values they will
exchange, and the parties generally exchange items or services that they think are of relative value.
Aleatory Contract - (answer)A contract where one party provides something of value to another party in
exchange for a conditional promise.
Bargaining Contract - (answer)A contract created when both parties, as equals, set terms and conditions
of the contract.
Contract of Adhesion - (answer)A contract where one party prepares the contract and the other must
accept it or reject it as a whole.
Valid Contract - (answer)A contract enforceable by law.
, LOMA 311: Module 3 EXAM fully solved & updated (latest version verified for accuracy)
(Questions + Answers) Solved 100% Correct!!
Void Contract - (answer)An agreement that was never enforceable by law.
Voidable Contract - (answer)A contract in which a party has the right to avoid the obligations under the
contract.
Offer - (answer)A proposal that, if accepted by another according to its terms, constitutes a binding
contract.
Defense of Duress - (answer)When a person acts wrongfully or threateningly to overpower the will of
another so as to force that person to enter into a contract against their will.
Defense of Undue Influence - (answer)The misuse by one person of a position of power or confidence to
overcome the free will of another person.
Accord and Satisfaction Agreement - (answer)A way to discharge a contract when one party agrees to
accept something other than what he was entitled under the original contract.
Statute of Frauds - (answer)A law that declares certain types of contracts to be unenforceable unless
they are in writing and signed by all parties.
Parol Evidence - (answer)Evidence that is outside of a written agreement (i.e., orgal statements, letters
or memoranda).
Parol Evidence Rule - (answer)Rule that states that parol evidence is not admissible to add to, vary, or
contradict the terms of a written contract.
Agent - (answer)A party who is authorized by another party, the principal, to act on the principal's
behalf.
