Blaw 3391 pleasant final exam questions and correct detailed answers graded a+.

Bilateral contract - correct answer A type of contract that arises when a promise is given in exchange for a return promise. ex. When Shannon promises to pay Gary $1000 in exchange for his promise to paint her car on July 1st. contract - correct answer A legally enforceable agreement that is created when 2 or more competent parties agree to perform, or to avoid performing, certain acts that they have a legal right to do and that meet certain legal requirements. executed contract - correct answer A contract that has been fully performed by both parties. executory contract - correct answer A contract that has not yet been fully performed. expressed contract - correct answer A contract in which the terms of the agreement are stated in words, oral or written. extrinsic contract - correct answer Any evidence not contained in the contract itself, which may include the testimony of the parties, additional agreements or communications, or other information relevant to determining the parties' intent. formal contract - correct answer aka as specialty contract. It is written K under seal may consist of an impression on the paper or a notary stamp. implied contract - correct answer A contract formed in whole or in part from the conduct of the parties. informal contract - correct answer A contract that does not require a specific form or method of creation to be valid. offeree - correct answer A person to whom an offer is made. offeror - correct answer A person who makes an offer. promise - correct answer A declaration that binds a person who makes it (the promisor) to do or not to do a certain act. promisee - correct answer A person to whom a promise is made. promisor - correct answer A person who makes a promise. quasi contract - correct answer Imposed in certain cases to avoid unjust enrichment, even if all elements of contract formation not satisfied. getting something for nothing. unenforceable contract - correct answer A valid contract rendered unenforceable by some statute or law. unilateral contract - correct answer the offeror wants the offeree to do something not a promise to do something. acceptance - correct answer The act of voluntarily agreeing, through words or conduct, to the terms of an offer, thereby creating a contract. agreement - correct answer A mutual understanding or meeting of the minds between two or more individuals regarding the terms of a contract. counteroffer - correct answer An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer. mailbox rule - correct answer if the offer is silent as to the time the acceptance is effective, it states that an acceptance sent via the postal service or courier is effective when sent. This applies to acceptance not the rejection. mirror image rule - correct answer A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed. A counteroffer is a rejection and a form or a new agreement. offer - correct answer A promise or commitment to perform or refrain from performing some specified act in the future. revocation - correct answer An offer that has been neither accepted nor rejected by the offeree can be withdrawn by the offeror. The offeror may communicate the revocation to the offeree in either spoken or written words consideration - correct answer The value given in return for a promise or performance in a contractual agreement. forbearance - correct answer The act of refraining from an action that one has a legal right to undertake. rescission - correct answer A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made. age of majority - correct answer The age (eighteen in most states) at which a person, formerly a minor, is recognized by law as an adult and is legally responsible for his or her actions. contractual capacity - correct answer The capacity required by the law for a party who enters into a contract to be bound by that contract. disaffirmance - correct answer The legal avoidance, or setting aside, of a contractual obligation. emanciption - correct answer In regard to minors, the act of being freed from parental control. employment contract - correct answer A contract between an employer and an employee in which the terms and conditions of employment are stated. exculpatory clause - correct answer A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault. necessaries - correct answer Necessities required for life, such as food, shelter, clothing, and medical attention. ratification - correct answer The acceptance or confirmation of an act or agreement that gives legal force to an obligation that previously was not enforceable. reformation - correct answer A court-ordered correction of a written contract so that it reflects the true intentions of the parties. unconscionable - correct answer A contract or clause that is void on the basis of public policy because one party was forced to accept terms that are unfairly burdensome and that unfairly benefit the other party. usury - correct answer Charging an illegal rate of interest. duress - correct answer Unlawful pressure brought to bear on a person, overcoming that person's free will and causing actions that he or she would not have otherwise done. prenup - correct answer An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable. statute of frauds - correct answer A state statute that requires certain types of contracts to be in writing to be enforceable. elements of consideration - correct answer something of legally sufficient value bargained for exchange contracts required to be in writing - correct answer contracts involving land contracts that cannot be performed in one year Promises made in consideration of marriage contracts made for another person contracts with goods over $500 elements of an enforceable contract - correct answer 1. offer and acceptance (agreement) 2. consideration 3. competent parties 4. legality of purpose