LEB 320F Unit 7 Exam Questions and
Answers 100% Solved | Graded A+
What are the three elements that must be present to make a contract
legally enforceable? - ✔✔consideration, capacity, and legality
What is a bilateral contract? - ✔✔"a promise for a promise."
What is a unilateral contract? Give an example - ✔✔can be accepted only
by the performance of a particular act.
Ex. The promise by a seller of property to pay a real estate agent a
commission when the agent finds a buyer for it. When the broker produces
a buyer who is ready, willing, and able to purchase the property, he or she
has earned the promised commission. A mere promise by an offeree that
he or she will bring in the item later does not result in the formation of a
contract
What is an express contract? - ✔✔the intentions of the parties are stated
fully and in explicit terms, either orally or in writing
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,What is an implied contract? - ✔✔promises (intentions) of the parties have
to be inferred primarily from their conduct and from the circumstances in
which it occurred
what is a quasi-contract? Give an example - ✔✔exists only in those
exceptional circumstances where a court feels compelled to impose an
obligation upon one person regardless of whether he or she had any
intention of making a contract
ex. When a doctor administers emergency medical care no kind of contract
is created but a court deems the recipient must pay for the services
What is the purpose of quasi-contracts? What is this type of action called? -
✔✔imposed only in circumstances where the failure to impose such an
obligation would result in one party receiving an "unjust enrichment"—a
benefit which, on the grounds of fairness alone, he or she ought to pay for.
Quantum meruit action - "as much as is deserved."
When is a party not able to collect from a quasi-contract? - ✔✔when
negligence is involved, if an express contract already covers the situation
What is a valid contract? - ✔✔one in which all of the required elements are
present. As a result, it is enforceable against both parties
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, What is a voidable contract? Who can always withdraw from a voidable
contract? - ✔✔one of the parties to a contract has the legal right to
withdraw from it at a later time without liability. Contracts in which fraud is
present fall within this category, because the law permits the one who has
been defrauded to set aside the contract.
What is a void contract? Under what circumstances can a contract be
declared void? - ✔✔so far as the law is concerned, they never existed at
all. Contract can be declared void if: one of the parties is wholly
incompetent at the time of contracting, or the purpose of the contract is
totally illegal
What is an unenforcable contract? Give an example. - ✔✔was valid at the
time it was made but was subsequently rendered unenforceable because
of the application of some special rule of law. Ex. People discharged in
bankruptcy
What is a contract of adhesion? - ✔✔one party—usually having greatly
superior bargaining power than the other—prepares the terms of a
proposed contract and presents it to the other party on a take-it-or-leave-it
basis
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Answers 100% Solved | Graded A+
What are the three elements that must be present to make a contract
legally enforceable? - ✔✔consideration, capacity, and legality
What is a bilateral contract? - ✔✔"a promise for a promise."
What is a unilateral contract? Give an example - ✔✔can be accepted only
by the performance of a particular act.
Ex. The promise by a seller of property to pay a real estate agent a
commission when the agent finds a buyer for it. When the broker produces
a buyer who is ready, willing, and able to purchase the property, he or she
has earned the promised commission. A mere promise by an offeree that
he or she will bring in the item later does not result in the formation of a
contract
What is an express contract? - ✔✔the intentions of the parties are stated
fully and in explicit terms, either orally or in writing
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,What is an implied contract? - ✔✔promises (intentions) of the parties have
to be inferred primarily from their conduct and from the circumstances in
which it occurred
what is a quasi-contract? Give an example - ✔✔exists only in those
exceptional circumstances where a court feels compelled to impose an
obligation upon one person regardless of whether he or she had any
intention of making a contract
ex. When a doctor administers emergency medical care no kind of contract
is created but a court deems the recipient must pay for the services
What is the purpose of quasi-contracts? What is this type of action called? -
✔✔imposed only in circumstances where the failure to impose such an
obligation would result in one party receiving an "unjust enrichment"—a
benefit which, on the grounds of fairness alone, he or she ought to pay for.
Quantum meruit action - "as much as is deserved."
When is a party not able to collect from a quasi-contract? - ✔✔when
negligence is involved, if an express contract already covers the situation
What is a valid contract? - ✔✔one in which all of the required elements are
present. As a result, it is enforceable against both parties
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, What is a voidable contract? Who can always withdraw from a voidable
contract? - ✔✔one of the parties to a contract has the legal right to
withdraw from it at a later time without liability. Contracts in which fraud is
present fall within this category, because the law permits the one who has
been defrauded to set aside the contract.
What is a void contract? Under what circumstances can a contract be
declared void? - ✔✔so far as the law is concerned, they never existed at
all. Contract can be declared void if: one of the parties is wholly
incompetent at the time of contracting, or the purpose of the contract is
totally illegal
What is an unenforcable contract? Give an example. - ✔✔was valid at the
time it was made but was subsequently rendered unenforceable because
of the application of some special rule of law. Ex. People discharged in
bankruptcy
What is a contract of adhesion? - ✔✔one party—usually having greatly
superior bargaining power than the other—prepares the terms of a
proposed contract and presents it to the other party on a take-it-or-leave-it
basis
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
