LOMA 311 COMPREHENSIVE ASSESSMENT 2026 SOLVED QUESTIONS SOLUTIONS GRADED A+

LOMA 311 COMPREHENSIVE ASSESSMENT
2026 SOLVED QUESTIONS SOLUTIONS
GRADED A+


◉ 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.