LSTD 2106 EXAM 2 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
Elements of a contract
Answer:
- mutual assent
- capacity to contract
- consideration
- legal purpose
Question:
How are hybrids subject matter determined
Answer:
(A contract that involves both goods/ services)
- allocation of price
- uniqueness
Question:
bilateral contract
Answer:
two promises and two performances
Ex: handing car title over for $$$
Question:
one promise followed by one performance which then triggers a second
performance
EX: lost dog poster for $$ & gives $$ to person who finds dog
Answer:
unilateral contract
Question:
express contract
Answer:
parties have knowingly and intentionally agreed on the promises and
performances
Question:
one which the agreement is reached by the parties' actions rather than words
EX: when you are expected to pay at a restaurant
Answer:
implied contract
Question:
Statute of Frauds (affirmatory defense)
Answer:
, contracts that are required to WRITTEN or have written evidence. (emails can
satisfy under certain conditions)
Question:
A classification that permits a contract to be enforceable in cases where no
express or implied contract exists and one party suffers losses as a result of
another party's unjust enrichment.
EX: hospital heals a patient w/o being paid even though the patient may not pay.
(receive benefits w/o payment)
Answer:
quasi-contracts
Question:
Uniform Electronic Transactions Act (UETA)
Answer:
most states have adopted it, provides formal recognition of
e-signs
Question:
What does an offer require?
Answer:
- Serious intention
- reasonably terms
- communication
Question:
Are Ads considered offers?
Answer:
they are not offers (invitation) and can only be a unilateral
contract if it is specific enough
Question:
What information is essential in a contract?
Answer:
- subject matter
- parties to contract
- price/other consideration
- time performance
Question:
What are some ways to terminate acceptance?
Answer:
- revocation
- rejection
- counteroffer
- operation of law
Question:
AND CORRECT ANSWERS
Question:
Elements of a contract
Answer:
- mutual assent
- capacity to contract
- consideration
- legal purpose
Question:
How are hybrids subject matter determined
Answer:
(A contract that involves both goods/ services)
- allocation of price
- uniqueness
Question:
bilateral contract
Answer:
two promises and two performances
Ex: handing car title over for $$$
Question:
one promise followed by one performance which then triggers a second
performance
EX: lost dog poster for $$ & gives $$ to person who finds dog
Answer:
unilateral contract
Question:
express contract
Answer:
parties have knowingly and intentionally agreed on the promises and
performances
Question:
one which the agreement is reached by the parties' actions rather than words
EX: when you are expected to pay at a restaurant
Answer:
implied contract
Question:
Statute of Frauds (affirmatory defense)
Answer:
, contracts that are required to WRITTEN or have written evidence. (emails can
satisfy under certain conditions)
Question:
A classification that permits a contract to be enforceable in cases where no
express or implied contract exists and one party suffers losses as a result of
another party's unjust enrichment.
EX: hospital heals a patient w/o being paid even though the patient may not pay.
(receive benefits w/o payment)
Answer:
quasi-contracts
Question:
Uniform Electronic Transactions Act (UETA)
Answer:
most states have adopted it, provides formal recognition of
e-signs
Question:
What does an offer require?
Answer:
- Serious intention
- reasonably terms
- communication
Question:
Are Ads considered offers?
Answer:
they are not offers (invitation) and can only be a unilateral
contract if it is specific enough
Question:
What information is essential in a contract?
Answer:
- subject matter
- parties to contract
- price/other consideration
- time performance
Question:
What are some ways to terminate acceptance?
Answer:
- revocation
- rejection
- counteroffer
- operation of law
Question:
