LAW 2150 EXAM #3 VERIFIED STUDY GUIDE
Contract - Answers - a promise or set of promises to do or to not do an act in the future.
common law governs contracts except when modified by the UCC
Function of contract law - Answers - provide stability and predictability in commercial
transactions
Elements of a contract - Answers - offer, acceptance, mutuality, consideration, legality,
and capacity
Types of contracts - Answers - unilateral and bilateral
Unilateral contract - Answers - a promise for an act
Bilateral - Answers - a promise for a promise
Express contract - Answers - is expressed in words, either oral or written
Implied contract - Answers - come about from the conduct of the parties
Executed contract - Answers - a contract that has been performed
Executory contract - Answers - one that the parties have entered into but performance
has not yet taken place
Valid contract - Answers - one that meets all requirements
Void contract - Answers - no contract at all because one or more of the elements is
missing
Voidable contract - Answers - a valid contract but one that can be avoided at the option
of one or both of the parties
Unenforceable contract - Answers - one that cannot be enforced because there is a
legal defense against it
Requirements of a contract - Answers - offer, acceptance, and mutuality
Objective theory of contracts - Answers - used to determine if the parties did intend to
enter into an agreement
Elements of an offer - Answers - intent to contract, definite terms, communication of
offer
Contract - Answers - a promise or set of promises to do or to not do an act in the future.
common law governs contracts except when modified by the UCC
Function of contract law - Answers - provide stability and predictability in commercial
transactions
Elements of a contract - Answers - offer, acceptance, mutuality, consideration, legality,
and capacity
Types of contracts - Answers - unilateral and bilateral
Unilateral contract - Answers - a promise for an act
Bilateral - Answers - a promise for a promise
Express contract - Answers - is expressed in words, either oral or written
Implied contract - Answers - come about from the conduct of the parties
Executed contract - Answers - a contract that has been performed
Executory contract - Answers - one that the parties have entered into but performance
has not yet taken place
Valid contract - Answers - one that meets all requirements
Void contract - Answers - no contract at all because one or more of the elements is
missing
Voidable contract - Answers - a valid contract but one that can be avoided at the option
of one or both of the parties
Unenforceable contract - Answers - one that cannot be enforced because there is a
legal defense against it
Requirements of a contract - Answers - offer, acceptance, and mutuality
Objective theory of contracts - Answers - used to determine if the parties did intend to
enter into an agreement
Elements of an offer - Answers - intent to contract, definite terms, communication of
offer
