LEB EXAM 2
Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
1. Valid Contract - Correct Answer: An agreement between two or more parties that is
legally enforceable. Must have all elements (ACCL)
2. Voidable Contract - Correct Answer: Can be legally avoided, canceled, or annulled by
one of the parties. It may be rejected by one party due to issues such as
misrepresentation, fraud, undue influence, duress, or if one party is a minor.
3. Unenforceable Contract - Correct Answer: All elements (ACCL) are there, but
unenforceable by some statute or law. The contract may have all the elements of a valid
contract, but legal reasons prevent it from being upheld in court.
4. Void Contract - Correct Answer: A contract having no legal force or binding effect.
5. Elements needed for a valid contract - Correct Answer: Agreement
Consideration
Capacity
Legal
6. Types of Contracts - Correct Answer: Valid, Unenforceable, Void, Voidable
, 7. Elements of a valid offer - Correct Answer: Intention, reasonably certain or definite,
communicated
8. Implications of contracts with minors (voidable contracts) - Correct Answer: Voidable
at the option of the minor. A minor can choose to disaffirm (cancel) a contract either
during their minority or within a reasonable time after reaching the age of majority.
9. Implications of contracts with minors (necessaries) - Correct Answer: A minor may
be held liable for the reasonable value of necessaries. This rule is designed to ensure
that minors are able to obtain essential goods and services.
10. Implications of contracts with minors (ratification) - Correct Answer: Once a minor
reaches the age of majority (18 in most states), they can ratify (formally accept) a
contract, making it fully binding. Ratification can be explicit (through a statement) or
implicit (through actions, such as continuing to use a purchased item after turning 18).
11. Implications of contracts with minors (void contracts) - Correct Answer: In some
jurisdictions, particularly in certain states, contracts with minors are considered void
rather than voidable
12. Implications of contracts with minors (more limited ability to disaffirm) - Correct
Answer: A few states take a stricter stance on allowing minors to disaffirm contracts,
particularly if the contract involves a business agreement or the minor has
misrepresented their age.
13. Promissory Estoppel - Correct Answer: Allows a party to enforce a promise, even if a
formal contract does not exist, when they have reasonably relied on that promise to
their detriment.
Comprehensive Resource To Help You Ace 2026-2027 Exams
Includes Frequently Tested Questions With ELABORATED
100% Correct COMPLETE SOLUTIONS
Guaranteed Pass First Attempt!! Current Update!!
1. Valid Contract - Correct Answer: An agreement between two or more parties that is
legally enforceable. Must have all elements (ACCL)
2. Voidable Contract - Correct Answer: Can be legally avoided, canceled, or annulled by
one of the parties. It may be rejected by one party due to issues such as
misrepresentation, fraud, undue influence, duress, or if one party is a minor.
3. Unenforceable Contract - Correct Answer: All elements (ACCL) are there, but
unenforceable by some statute or law. The contract may have all the elements of a valid
contract, but legal reasons prevent it from being upheld in court.
4. Void Contract - Correct Answer: A contract having no legal force or binding effect.
5. Elements needed for a valid contract - Correct Answer: Agreement
Consideration
Capacity
Legal
6. Types of Contracts - Correct Answer: Valid, Unenforceable, Void, Voidable
, 7. Elements of a valid offer - Correct Answer: Intention, reasonably certain or definite,
communicated
8. Implications of contracts with minors (voidable contracts) - Correct Answer: Voidable
at the option of the minor. A minor can choose to disaffirm (cancel) a contract either
during their minority or within a reasonable time after reaching the age of majority.
9. Implications of contracts with minors (necessaries) - Correct Answer: A minor may
be held liable for the reasonable value of necessaries. This rule is designed to ensure
that minors are able to obtain essential goods and services.
10. Implications of contracts with minors (ratification) - Correct Answer: Once a minor
reaches the age of majority (18 in most states), they can ratify (formally accept) a
contract, making it fully binding. Ratification can be explicit (through a statement) or
implicit (through actions, such as continuing to use a purchased item after turning 18).
11. Implications of contracts with minors (void contracts) - Correct Answer: In some
jurisdictions, particularly in certain states, contracts with minors are considered void
rather than voidable
12. Implications of contracts with minors (more limited ability to disaffirm) - Correct
Answer: A few states take a stricter stance on allowing minors to disaffirm contracts,
particularly if the contract involves a business agreement or the minor has
misrepresented their age.
13. Promissory Estoppel - Correct Answer: Allows a party to enforce a promise, even if a
formal contract does not exist, when they have reasonably relied on that promise to
their detriment.
