LEGS 3010 - Exam 2 Questions with Correct Answers Latest Update 2025/2026
Contract Elements - Answers 1. Agreement
2. Consideration
3. Capacity
4. Legal Object
Intent - Answers Objective "reasonable person" standard
Mirror Image Rule - Answers terms of acceptance must be identical to terms of offer
The Mailbox Rule - Answers acceptance by mail is effective when placed in mailbox: but
revocation of offer is effective only when received by offeree
Consideration - Answers what a person will receive for performing a contract obligation
Promissory Estoppel - Answers substitute for consideration when another acts in reliance on a
promisor's promise
Pre-existing Duty Rule - Answers Promise to do something you are already legally obligated to
do is not valid consideration
Contractual Capacity - Answers mental ability to understand rights & obligations of contract
Disaffirm (minor) - Answers minors right, before & until reasonable time after reaching age of
majority, to avoid their contracts
Ratification (minor) - Answers accept the terms of contract (entered into as minor) after
reaching age of majority
Express Ratification - Answers either orally or in writing
Implied Ratification - Answers taking action with intent to ratify contract
Disaffirm - Answers avoid
Rescind - Answers revoke
Ratify - Answers consent; make contract valid
Adjudicated - Answers ruling
In pari delicto - Answers both parties are equally responsible for the illegal agreement
Against public policy - Answers societies best intrest
Contract Elements - Answers 1. Agreement
2. Consideration
3. Capacity
4. Legal Object
Intent - Answers Objective "reasonable person" standard
Mirror Image Rule - Answers terms of acceptance must be identical to terms of offer
The Mailbox Rule - Answers acceptance by mail is effective when placed in mailbox: but
revocation of offer is effective only when received by offeree
Consideration - Answers what a person will receive for performing a contract obligation
Promissory Estoppel - Answers substitute for consideration when another acts in reliance on a
promisor's promise
Pre-existing Duty Rule - Answers Promise to do something you are already legally obligated to
do is not valid consideration
Contractual Capacity - Answers mental ability to understand rights & obligations of contract
Disaffirm (minor) - Answers minors right, before & until reasonable time after reaching age of
majority, to avoid their contracts
Ratification (minor) - Answers accept the terms of contract (entered into as minor) after
reaching age of majority
Express Ratification - Answers either orally or in writing
Implied Ratification - Answers taking action with intent to ratify contract
Disaffirm - Answers avoid
Rescind - Answers revoke
Ratify - Answers consent; make contract valid
Adjudicated - Answers ruling
In pari delicto - Answers both parties are equally responsible for the illegal agreement
Against public policy - Answers societies best intrest
