FORMATION AND ENFORCEABILITY OF
CONTRACTS TEST WITH 100% CORRECT
ANSWERS [ GRADED A+]
Binding contract - ✔✔A binding contract is typically created through the process
of offer and acceptance, when consideration is present, and when no valid
defenses to contract exist.
Bilateral contract - ✔✔A bilateral contract is one in which a promise by one party
is exchanged for a promise by the other party.
©morren2024/2025.Year published 2025.
,Unilateral contract - ✔✔A unilateral contract is one in which one party promises
to do something in return for an act of the other party.
Void contract - ✔✔A void contract results in the entire transaction being regarded
as a nullity, as if no contract existed between the parties.
Voidable contract - ✔✔A voidable contract operates as a valid contract, unless
and until one of the parties takes steps to avoid it.
Unenforceable contract - ✔✔An unenforceable contract is a valid contract that
cannot be enforced if one of the parties refuses to carry out its terms.
UCC - ✔✔UCC - contracts for sale of goods.
Common law - ✔✔Common law - contracts for services.
©morren2024/2025.Year published 2025.
, Freedom of Contract - ✔✔Parties are generally free to structure a contract in any
manner that they see fit.
Mutual assent - ✔✔For a contract to be formed, there must be a manifestation of
mutual assent to the exchange, which occurs upon acceptance of a valid offer to
contract.
Embry - ✔✔Objective standard; if reasonable person would have considered it an
offer/acceptance, it is an offer/acceptance.
Lucy - ✔✔Just because you say it was a joke doesn't mean it's not enforceable.
Quake Construction - ✔✔Terms must be clear, definite, unambiguous, nothing
left for negotiation.
©morren2024/2025.Year published 2025.
CONTRACTS TEST WITH 100% CORRECT
ANSWERS [ GRADED A+]
Binding contract - ✔✔A binding contract is typically created through the process
of offer and acceptance, when consideration is present, and when no valid
defenses to contract exist.
Bilateral contract - ✔✔A bilateral contract is one in which a promise by one party
is exchanged for a promise by the other party.
©morren2024/2025.Year published 2025.
,Unilateral contract - ✔✔A unilateral contract is one in which one party promises
to do something in return for an act of the other party.
Void contract - ✔✔A void contract results in the entire transaction being regarded
as a nullity, as if no contract existed between the parties.
Voidable contract - ✔✔A voidable contract operates as a valid contract, unless
and until one of the parties takes steps to avoid it.
Unenforceable contract - ✔✔An unenforceable contract is a valid contract that
cannot be enforced if one of the parties refuses to carry out its terms.
UCC - ✔✔UCC - contracts for sale of goods.
Common law - ✔✔Common law - contracts for services.
©morren2024/2025.Year published 2025.
, Freedom of Contract - ✔✔Parties are generally free to structure a contract in any
manner that they see fit.
Mutual assent - ✔✔For a contract to be formed, there must be a manifestation of
mutual assent to the exchange, which occurs upon acceptance of a valid offer to
contract.
Embry - ✔✔Objective standard; if reasonable person would have considered it an
offer/acceptance, it is an offer/acceptance.
Lucy - ✔✔Just because you say it was a joke doesn't mean it's not enforceable.
Quake Construction - ✔✔Terms must be clear, definite, unambiguous, nothing
left for negotiation.
©morren2024/2025.Year published 2025.
