LEB 320F Unit 5 Exam Questions and
Answers 100% Solved | Rated A+
Contract - ✔✔legally enforceable agreement
Consequences of breaking a contract - ✔✔Courts will order you to pay
money damages or grant a decree of specific performance
Specific performance - ✔✔court ordering you to actually perform the
actions states in your contract
Bilateral contract - ✔✔a promise for a promise, both parties saying you will
do something at a later time
- supplier and buyer agree on product amount and purchase price
Offer - ✔✔a contract proposal made by an offeror to an offeree
- ex, So, if the New York Yankees (offerors) send a contract to a third
baseman (offeree) in November offering him $8,000,000 for the coming
season, it is a bilateral offer - the team is seeking a promise to play in
exchange for its promise to pay the money.
Unilateral contract - ✔✔contract that can only be accepted in the case that
a specific act has already been performed
,- ex. if tv station offers to pay 5000 to the first person to bring a meteor, this
offer can only be accepted by the physcial production of the portion of the
meteor,
- just promising to look for it does not form a contract and does not obligate
the station to pay the money
jed promises to move his neighbor's furniture to a new apartment next
Saturday, and the neighbor agrees to pay $300 for Jed's work. What kind
of contract does Jed have with the neighbor? A. unilateral B. bilateral -
✔✔B. The two parties have exchanged promises, and so like most
contracts, this one is bilateral. The parties intend to be bound at the time
they exchange the promises.
Valid contract - ✔✔all required elements are met and is fully enforceable
and as a result is enforceable against both parties
Voidable contract - ✔✔One of the parties has the legal right to withdraw
from the contract with no negative consequences
Void - ✔✔Court deciding that a contract is not legitimately enforceable, or
never existed at all
- ex. if someone tricks a person to sell their rolex for 10 bucks
- agreements surrounding illegal thins like drugs are also void
, - void contract is never enforced
Unenforceable contract - ✔✔was valid at the time but not anymore, such as
statute of limitations has run out
Express contract - ✔✔A contract that has all terms explicitly stated
- write and sign
Implied contract - ✔✔When a court decides that enough implicit behavior
was showed by both parties to consider it a contract
- if joe walks into sams store when sam is busy and joe picks up a candy
bar and places money on the counter and leaves and sam just nods -
implied contract exists even though they never spoke a word
Executory contract - ✔✔a contract that is valid but the parties haven't
fulfilled their obligations yet
- contract to sell my car to you for 5000
Executed contract - ✔✔Both parties have completed their ends of the
contract
- you bring me the 5000, i give you the keys and title
Negotiated contract - ✔✔contract from the result of bargaining between two
parties
Answers 100% Solved | Rated A+
Contract - ✔✔legally enforceable agreement
Consequences of breaking a contract - ✔✔Courts will order you to pay
money damages or grant a decree of specific performance
Specific performance - ✔✔court ordering you to actually perform the
actions states in your contract
Bilateral contract - ✔✔a promise for a promise, both parties saying you will
do something at a later time
- supplier and buyer agree on product amount and purchase price
Offer - ✔✔a contract proposal made by an offeror to an offeree
- ex, So, if the New York Yankees (offerors) send a contract to a third
baseman (offeree) in November offering him $8,000,000 for the coming
season, it is a bilateral offer - the team is seeking a promise to play in
exchange for its promise to pay the money.
Unilateral contract - ✔✔contract that can only be accepted in the case that
a specific act has already been performed
,- ex. if tv station offers to pay 5000 to the first person to bring a meteor, this
offer can only be accepted by the physcial production of the portion of the
meteor,
- just promising to look for it does not form a contract and does not obligate
the station to pay the money
jed promises to move his neighbor's furniture to a new apartment next
Saturday, and the neighbor agrees to pay $300 for Jed's work. What kind
of contract does Jed have with the neighbor? A. unilateral B. bilateral -
✔✔B. The two parties have exchanged promises, and so like most
contracts, this one is bilateral. The parties intend to be bound at the time
they exchange the promises.
Valid contract - ✔✔all required elements are met and is fully enforceable
and as a result is enforceable against both parties
Voidable contract - ✔✔One of the parties has the legal right to withdraw
from the contract with no negative consequences
Void - ✔✔Court deciding that a contract is not legitimately enforceable, or
never existed at all
- ex. if someone tricks a person to sell their rolex for 10 bucks
- agreements surrounding illegal thins like drugs are also void
, - void contract is never enforced
Unenforceable contract - ✔✔was valid at the time but not anymore, such as
statute of limitations has run out
Express contract - ✔✔A contract that has all terms explicitly stated
- write and sign
Implied contract - ✔✔When a court decides that enough implicit behavior
was showed by both parties to consider it a contract
- if joe walks into sams store when sam is busy and joe picks up a candy
bar and places money on the counter and leaves and sam just nods -
implied contract exists even though they never spoke a word
Executory contract - ✔✔a contract that is valid but the parties haven't
fulfilled their obligations yet
- contract to sell my car to you for 5000
Executed contract - ✔✔Both parties have completed their ends of the
contract
- you bring me the 5000, i give you the keys and title
Negotiated contract - ✔✔contract from the result of bargaining between two
parties
