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LSTD 2106 Exam 2 Questions and
Correct Answers/ Latest Update /
Already Graded
what is a contract
Ans: an agreement (or set of promises) enforceable at law
what is an agreement
Ans: any meeting of the minds resulting in a mutual decision
what is a promise
Ans: a guarantee that the speaker will do or refrain from doing something
in the future
what is a bilateral contract
Ans: one promise in exchange for another promise (offer in exchange for
an offer)
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what is an unilateral contract
Ans: one promise from offeror in exchange for a performance
what is an offeror
Ans: person extending an offer (decides terms)
what is an offeree
Ans: one getting the offer
what is an expressed contract
Ans: we know exist by parties' spoken and written words
what is an implied contract
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Ans: an agreement that is already known by both parties' conduct
ex: hairdresser knowing to always touch up your roots with constant
agreed upon price
what is a valid contract
Ans: an agreement that meets all of the laws' requirements to be a
contract
what is a void contract
Ans: an agreement that the courts will automatically throw out because
it lacks legality
what is a voidable contract
Ans: agreement is not automatically tossed out, but we will give one of
the parties the option to get out of it (lacks capacity or consent)
what is an unenforceable contract
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Ans: parties failed to put it in writing (lacks writing element)
what are the sources of contract law
Ans: uniform commercial code (UCC) and state common law
what state has not adopted the UCC
Ans: Louisiana
what is the UCC
Ans: governs contracts for the sale of goods
what is a good
Ans: something that is tangible and movable
what does not count as a good
LSTD 2106 Exam 2 Questions and
Correct Answers/ Latest Update /
Already Graded
what is a contract
Ans: an agreement (or set of promises) enforceable at law
what is an agreement
Ans: any meeting of the minds resulting in a mutual decision
what is a promise
Ans: a guarantee that the speaker will do or refrain from doing something
in the future
what is a bilateral contract
Ans: one promise in exchange for another promise (offer in exchange for
an offer)
,2 | Page
what is an unilateral contract
Ans: one promise from offeror in exchange for a performance
what is an offeror
Ans: person extending an offer (decides terms)
what is an offeree
Ans: one getting the offer
what is an expressed contract
Ans: we know exist by parties' spoken and written words
what is an implied contract
,3 | Page
Ans: an agreement that is already known by both parties' conduct
ex: hairdresser knowing to always touch up your roots with constant
agreed upon price
what is a valid contract
Ans: an agreement that meets all of the laws' requirements to be a
contract
what is a void contract
Ans: an agreement that the courts will automatically throw out because
it lacks legality
what is a voidable contract
Ans: agreement is not automatically tossed out, but we will give one of
the parties the option to get out of it (lacks capacity or consent)
what is an unenforceable contract
, 4 | Page
Ans: parties failed to put it in writing (lacks writing element)
what are the sources of contract law
Ans: uniform commercial code (UCC) and state common law
what state has not adopted the UCC
Ans: Louisiana
what is the UCC
Ans: governs contracts for the sale of goods
what is a good
Ans: something that is tangible and movable
what does not count as a good
