Blaw 3391 Exam 3 Certification Exam Questions And Answers 100% Guaranteed Pass.

Contract (K) - correct answer legally enforceable agreement this is created when two 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. Sources of Contract Law - correct answer Statutory Law and Case Law (common) Statutory Law - correct answer Tangible personal property: personal property that can be moved Covers good Administrative Agencies regulations Case Law (common) - correct answer the source of contract law regarding the sale of fixed assets, services, or intangibles agreements that result in a contract - correct answer if an agreement imposes a legal obligation, an enforceable contract results Purpose of a Contract - correct answer -The sale of merchandise or service -Employment -The transfer of ownership of land (real property) or personal property such as a car elements of an enforceable contract - correct answer 1.) Offer and Acceptance w/ Mutual Agreement 2.) Consideration 3.) Competent Parties 4.) Legality of Purpose Offer and Acceptance - correct answer - an offer is made by one party and accepted by another party then they enter into a contract -the parties must have a clear understanding of what they are undertaking and the contract must show mutual agreement Consideration - correct answer each party must promise to give up something. The exchange of promise (where each party give the other something of value) Competent Parties - correct answer The parties to a contract must be competent and capable of understanding what they are doing (legal age, mental stability) Legality of Purpose - correct answer The intent of the contract must not violate the law. The courts will not enforce a contract that violates the law. Kinds of Contracts - correct answer -Oral or Written -Express or implied -Formal or Simple -Entire or Divisible -Bilateral or Unilateral Oral Contacts - correct answer not is writing or signed by the parties, but it is a real contract created entirely by the conversation of the parties Written Contracts - correct answer Reduced to writing on a permanent surface. A written contract can be simply a handwritten note or any other memorandum containing the terms of the agreement, as long as it is signed by the party or parties who wish to be bound by the agreement. Express Contracts - correct answer One that specifically states the agreement of the parties (either written or oral). Implied Contracts - correct answer the terms and actions of the parties dictate an implied contract Formal Contracts - correct answer Also referred to as specialty contract, it is a written contract under seal may consist of an impression on the paper or a notary stamp Simple Contract - correct answer It is an informal contract made without seal (even though the subject matter of the contract may be extremely complex and may involve huge amounts of money). Entire Contract (indivisible) - correct answer Two or more parts. Each part is dependent on the others for satisfactory performance. Such contact must be completely performed. Divisable Contract - correct answer it is made up of two or more parts and each part is independent of the others Bilateral Contract - correct answer A promise is exchanged for a promise Unilateral Contract - correct answer the offeror wants to the offeree to do something not to promise to do something calls for action executory contract - correct answer A contract that has not yet been fully performed. Executed Contract - correct answer A contract that has been completely performed by both parties. valid - correct answer Well-founded on evidence and corresponds accurately to the real world. void - correct answer an agreement that lacks one or more of the essential elements of a contract it can not be enforced and is not a true contract Voidable - correct answer an agreement that may be rejected by one of the parties (for a legally acceptable reason) reaching an agreement - correct answer for a contract to be valid, there must be a proposal that is both offered by the offeror and accepted by the offeree Kinds of Performance - correct answer -Complete Performance -Substantial Perfomance Substantial Performance - correct answer -good faith -all terms and conditions are executed with the exceptions of minor details -no material effect on the intent of the agreement Tender of Performance - correct answer -offer to perform -evidence of a party's willingness to fulfill the terms of a contract