Blaw 205- Exam 2 Updated Actual Questions And Correct Answers

BLAW 205- EXAM 2 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS

Question:
1. Four pillars of a valid contract

Answer:
Agreement, Consideration, Contractual Capacity, and Legality

Question:
2. Express contract

Answer:
The terms are fully stated, whether written or orally

Question:
3. Implied contract

Answer:
The conduct of the parties determines the terms

Question:
4. Elements of acceptance

Answer:
Must be unequivocal and communicated to the offeror, silence does not
constitute acceptance, must be done in a timely manner and occurs when it is
sent

Question:
5. Contract

Answer:
A promise for the breach of which the law provides a remedy

Question:
6. Executed contract

Answer:
Has been fully performed by both parties (no further action required)

Question:
7. Executory contract

Answer:
Has not been full performed

, Question:
8. Sources of Contract Law

Answer:
The common law and Uniform Commercial Code

Question:
9. What type of contracts are governed by the UCC?

Answer:
Contracts for the sale and lease of goods

Question:
10. Agreement

Answer:
An offer and an acceptance

Question:
11. Consideration

Answer:
Something of value must be received or promised (benefit-detriment test)

Question:
12. Contractual Capacity

Answer:
Both parties must be competent in order to enter a contract

Question:
13. Legality

Answer:
The contract's purpose must be legal

Question:
14. What are some common defenses to the enforceability of
a contract?

Answer:
Voluntary consent and form (some contracts are required by law to be written)

Question:
15. Bilateral contract

Answer:
The offeree accepts by promising to perform the contract