BLAW Final Mcinturff – Questions With Objective
Solutions
Four requirements for a valid contract Correct Answer - agreement,
consideration, capacity, and legality
Agreement Correct Answer - offer and acceptance, meeting of minds
Consideration Correct Answer - money, something of value or a promise
Contractual Capacity Correct Answer - Both 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 Correct Answer - The contract's purpose must be to accomplish
some goal that is legal and not against public policy.
Bilateral contracts Correct Answer - A type of contract that arises when
a promise is given in exchange for a return promise.
Unilateral Contract Correct Answer - A type of contract that results
when an offer can be accepted only by the offeree's performance.
Formal Contract Correct Answer - An agreement that by law requires a
specific form for its validity
Informal Contract Correct Answer - A contract that does not require a
specified form or formality in order to be valid.
Void Contract Correct Answer - A contract having no legal or binding
effect
Voidable Contract Correct Answer - A contract that may be legally
avoided at the option of one or both of the parties
Unenforceable Contract Correct Answer - A valid contract rendered
unenforceable by some statute or law.
, Ambiguity Correct Answer - When a court considers a contract to be
unclear, suspect to more than one meaning
Four Corners Rule Correct Answer - 1) Intent cannot be determined
2)lacks provision on a disputed issue
3) Term is susceptible to more than one interpretation
4) uncertainty about a provision
Extrinsic Evidence Correct Answer - Any evidence not contained in the
contract itself
Requirements of an Offer Correct Answer - Intent, reasonably certain
terms, and communication
Intent Correct Answer - Must be serious. Is what a reasonable person in
the offers position would conclude that the offeror meant
Reasonably Certain Terms Correct Answer - when terms are
enforceable, it is clear that the parties intended to be bound by the agreement
Communication Correct Answer - the offer must be communicated to the
offeree. One cannot agree without knowledge
Revocation Correct Answer - The withdrawal of a contract offer by the
offeror. Unless an offer is irrevocable, it can be revoked at any time prior to
acceptance without liability.
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.
lapse of time Correct Answer - when an offer terminates automatically
by law when the period of time specified in the offer has passed.
death of a party Correct Answer - agent passes so offer terminates
Destruction Correct Answer - specific subject matter is destroyed before
the offer is accepted.
Solutions
Four requirements for a valid contract Correct Answer - agreement,
consideration, capacity, and legality
Agreement Correct Answer - offer and acceptance, meeting of minds
Consideration Correct Answer - money, something of value or a promise
Contractual Capacity Correct Answer - Both 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 Correct Answer - The contract's purpose must be to accomplish
some goal that is legal and not against public policy.
Bilateral contracts Correct Answer - A type of contract that arises when
a promise is given in exchange for a return promise.
Unilateral Contract Correct Answer - A type of contract that results
when an offer can be accepted only by the offeree's performance.
Formal Contract Correct Answer - An agreement that by law requires a
specific form for its validity
Informal Contract Correct Answer - A contract that does not require a
specified form or formality in order to be valid.
Void Contract Correct Answer - A contract having no legal or binding
effect
Voidable Contract Correct Answer - A contract that may be legally
avoided at the option of one or both of the parties
Unenforceable Contract Correct Answer - A valid contract rendered
unenforceable by some statute or law.
, Ambiguity Correct Answer - When a court considers a contract to be
unclear, suspect to more than one meaning
Four Corners Rule Correct Answer - 1) Intent cannot be determined
2)lacks provision on a disputed issue
3) Term is susceptible to more than one interpretation
4) uncertainty about a provision
Extrinsic Evidence Correct Answer - Any evidence not contained in the
contract itself
Requirements of an Offer Correct Answer - Intent, reasonably certain
terms, and communication
Intent Correct Answer - Must be serious. Is what a reasonable person in
the offers position would conclude that the offeror meant
Reasonably Certain Terms Correct Answer - when terms are
enforceable, it is clear that the parties intended to be bound by the agreement
Communication Correct Answer - the offer must be communicated to the
offeree. One cannot agree without knowledge
Revocation Correct Answer - The withdrawal of a contract offer by the
offeror. Unless an offer is irrevocable, it can be revoked at any time prior to
acceptance without liability.
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.
lapse of time Correct Answer - when an offer terminates automatically
by law when the period of time specified in the offer has passed.
death of a party Correct Answer - agent passes so offer terminates
Destruction Correct Answer - specific subject matter is destroyed before
the offer is accepted.
