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Exam (elaborations)

CONTRACT LAW - FINAL EXAM QUESTIONS WITH RATED ANSWERS.

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CONTRACT LAW - FINAL EXAM QUESTIONS WITH RATED ANSWERS.

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Post Law Enforcement
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CONTRACT LAW - FINAL EXAM
QUESTIONS WITH RATED ANSWERS
validY-YCORRECTYANSWERS-aYtermYusedYtoYdescribeYtheYvastYmajorityYofYcontractsY-
YaYlegallyYbindingYagreementYwhichYhasYallYtheYelementsYnecessaryYforYcontractYformation




voidY-YCORRECTYANSWERS-
aYcontractYisYillegalYorYnonbindingYfromYitsYinceptionYdueYtoYoneYofYvariousYfactorsYincluding,Ypossi
bly,Yillegality



voidableY-YCORRECTYANSWERS-
aYcontractYthatYallowsYaYpartyYtoYundoYtheYagreementY(orYaYpartYofYtheYagreement)YuponYtheYoccu
rrenceYofYaYcertainYcondition



offerorY-YCORRECTYANSWERS-oneYwhoYmakesYanYoffer



offereeY-YCORRECTYANSWERS-oneYwhoYreceivesYanYoffer



auctionsYwithYreserveY-YCORRECTYANSWERS-
auctionsYinYwhichYtheYsellerYdoesYnotYhaveYtoYsellYifYtheYbidderYdoesYnotYmeetYtheYreserveY(minim
um)Yprice



auctionsYwithoutYreserveY-YCORRECTYANSWERS-
auctionsYinYwhichYtheYsellerYmustYsellYtoYtheYhighestYbidder



dutchYauctionY-YCORRECTYANSWERS-
auctioneerYbeginsYwithYaYhighYaskingYpriceYandYworksYhisYwayYdownYuntilYaYbidderYagreesYtoYtheYa
uctioneer'sYprice

, silentYauctionY-YCORRECTYANSWERS-
manyYitemsYareYsoldYatYoneYtimeYinYwhichYtheYbiddersYwriteYtheirYbidYofferYonYpaperYpostedYnearYt
heYitemYitselfY-YhighestYbidderYwins



elementsYofYaYcontractY-YCORRECTYANSWERS-offer

acceptance

consideration

legality

capacity



offerY-YCORRECTYANSWERS-aYpromiseYtoYdoY(orYnotYtoYdo)YsomethingYnYtheYfutureY-
YindicatesYtheYwillingnessYorYintentYtoYbeYboundYbyYanYagreement




acceptanceY-YCORRECTYANSWERS-
occursYwhenYtheYoffereeYassentsYtoYtheYtermsYofYtheYofferYandYcommunicatesYthatYtoYtheYofferorYb
yYwordsYorYbyYperformance



considerationY-YCORRECTYANSWERS-theY"price"YofYaYpromiseYinYaYbargained-forYexchangeY-
YsomethingYthatYhasYlegalYvalueYandYisYgivenYinYexchangeYforYaYreturnYpromise




personalYservicesYcontractY-YCORRECTYANSWERS-
aYnontransferrableYcontractYinYwhichYuniqueYtalents,Yabilities,YorYskillsYareYcontractedYforYtherebyY
renderingYaYdelegationYorYassignmentYnullYandYvoid



statuteYofYfraudsY-YCORRECTYANSWERS-
saysYthatYcertainYtypesYofYcontractsYmustYbeYinYwritingYifYaYpartyYseeksYtoYenforceYtheYagreementYi
nYcourtY-YfromYEngland
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Uploaded on
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Number of pages
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Written in
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