LEGS 3010 Exam 3 Questions with Correct Answers Latest Update 2025/2026

LEGS 3010 Exam 3 Questions with Correct Answers Latest Update 2025/2026 What is a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty? (or a set of legally enforceable promises) a. contract b. agreement c. offer d. acceptance - Answers a. contract Which of the following is not one of the four elements of an agreement? a. consideration b. contractual capacity c. agreement d. three parties involved e. legal object - Answers d. three parties involved Which of the following is a defense to a contract? a. lack of genuine assent b. lack of proper form c. lack of consideration d. a and b - Answers d. a and b Which type of contract is common defined as a promise in exchange for another promise? a. unilateral b. formal c. disclosed d. bilateral - Answers d. bilateral A contract that arises not from words of agreement but from the conduct of the parties is a ______ contract. a. express b. implied c. oral d. applied - Answers b. implied True or False: Unilateral contract are a promise exchanged for an act - Answers True True or False: There are 3 conditions that must be met for the courts to find an implies contract - Answers True True or False: Quasi-contracts are sometimes called expressed-in-law contracts - Answers False (implied-in-law contracts) True or False: A void contract is one that contains all the legal elements of a contract - Answers False (valid) True or False: A contract is voidable if one or both parties can either withdraw from the contract or enforce it - Answers True _______ is what a person will receive in return for performing a contract obligation a. consideration b. contract c. compensation d. promise - Answers a. consideration In a bilateral contract a promisor makes _____ and the promisee makes ______. a. promise, act b. promise, promise c. act, promise d. act, act - Answers b. promise, promise All of the following are conditions that must be met for a promissory estoppel EXCEPT a. one party makes a promise knowing the other party will rely on it b. the other party does rely on the promise c. the other party does not rely on the promise d. the only way to avoid injustice is to enforce the promise - Answers c. the other party does not rely on the promise _____ is defined as situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration. a. consideration b. promissory estoppel c. illusory promise d. past consideration - Answers c. illusory promise These are all exceptions to the preexisting-duty rule EXCEPT a. unforeseen circumstances b. additional work