PSI EXAM PREP: CONTRACTS QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/| latest update 2024/25|

PSI EXAM PREP: CONTRACTS QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/ what requires that certain types of contracts, such as for a property ownership transfer, be in writing to be legally enforceable and to prevent injury from fraudulent conduct. - -The statute of frauds Is an oral contract enforceable in court? - -no Offer and acceptance Consideration Legally competent parties Legal purpose Made voluntarily are all what - -needed for a valid contract what occurs when the parties enter into an agreement voluntarily with full understanding of contract terms. - -Offer and acceptance what is the term for something of legal value offered by one party and accepted by another, e.g., the buyer's promise to pay the full purchase price, and the seller's promise to transfer marketable title through delivery of a deed. - -Consideration those who have the legal and mental capacity to enter into a contract are known as - -Legally competent parties what means that the contract results in a legal outcome - -Legal purpose what kind of contract means the parties entered into the agreement voluntarily. (Mistakes, misrepresentation, fraud, duress, or undue influence create a situation in which the consent is not real.) - -voluntary contracts may be ? but unenforceable - -valid What is severability - -the court can deem a term in the contract u