BLAW 3391 Final Exam Questions And Answers (Verified And Updated)

BLAW 3391 Final Exam Questions And Answers (Verified And Updated) Four requirements for a valid contract - answeragreement, consideration, capacity, and legality Agreement - answeroffer and acceptance, meeting of minds Consideration - answermoney, something of value or a promise Contractual Capacity - answerBoth parties entering into the contract must have the contractual capacity to do so. The law must recognize them as possessing characteristics that qualify them as competent parties. Legality - answerThe contract's purpose must be to accomplish some goal that is legal and not against public policy. Bilateral contracts - answerA type of contract that arises when a promise is given in exchange for a return promise. Unilateral Contract - answerA type of contract that results when an offer can be accepted only by the offeree's performance. Formal Contract - answerAn agreement that by law requires a specific form for its validity Informal Contract - answerA contract that does not require a specified form or formality in order to be valid. Void Contract - answerA contract having no legal or binding effect Voidable Contract - answerA contract that may be legally avoided at the option of one or both of the parties Unenforceable Contract - answerA valid contract rendered unenforceable by some statute or law. Ambiguity - answerWhen a court considers a contract to be unclear, suspect to more than one meaning Four Corners Rule - answer1) Intent cannot be determined 2)lacks provision on a disputed issue