Les 305 Clark asu exam 2 Questions With
Complete Solutions
contract Enforceable by law
Oral contract May be enforcable
Statute of Frauds must be in writing
Bilateral Contract involves two promises and two performances
Unilateral Contract Involves 1 promise and 1 performance
Express Contract Parties knowingly and intentionally agree on promises and
performances
Implied Contract Agreement reached by parties actions
, Les 305 Clark asu exam 2 Questions With
Complete Solutions
Quasi Contract Agreement in legal friction and created by law to prevent unjust
enrichment
Voidable Contract Party can cancel an otherwise valid contract due to circumstances
Unenforceable Contract Considered valid (meets 4 elements) but at least one party has
legal defense to performing the contract
Hybrid Contracts Goods and services. Determines Predominant thrust of contract subject
matter
Predominant Thrust 1. Examine allocation of price
2. Examine uniqueness of services
Valid contract 4 elements 1.mutual assent
2. Consideration
3. Capacity
4. Legality
Complete Solutions
contract Enforceable by law
Oral contract May be enforcable
Statute of Frauds must be in writing
Bilateral Contract involves two promises and two performances
Unilateral Contract Involves 1 promise and 1 performance
Express Contract Parties knowingly and intentionally agree on promises and
performances
Implied Contract Agreement reached by parties actions
, Les 305 Clark asu exam 2 Questions With
Complete Solutions
Quasi Contract Agreement in legal friction and created by law to prevent unjust
enrichment
Voidable Contract Party can cancel an otherwise valid contract due to circumstances
Unenforceable Contract Considered valid (meets 4 elements) but at least one party has
legal defense to performing the contract
Hybrid Contracts Goods and services. Determines Predominant thrust of contract subject
matter
Predominant Thrust 1. Examine allocation of price
2. Examine uniqueness of services
Valid contract 4 elements 1.mutual assent
2. Consideration
3. Capacity
4. Legality
