LEGL2700- Roessing Test 3
Questions With Proper Solutions
100% PASS
contract - CORRECT ANSWER-a legally enforceable promise or an exchange of
promises
Uniform Commercial Code - CORRECT ANSWER-most important example of
state-based legislation impacting contract law
goods - CORRECT ANSWER-tangible, movable items of personal property
bilateral contract - CORRECT ANSWER-an agreement containing mutual
promises
unilateral contract - CORRECT ANSWER-an agreement with only one promise,
and only one party is committed to perform; seeks an action rather than a promise
in return
express contract - CORRECT ANSWER-contract that arises from interactions in
which parties actually discuss the promised terms of their agreement
,implied-in-fact contract - CORRECT ANSWER-contract that arises from the
conduct of the parties rather than from words
implied-in-law contract - CORRECT ANSWER-when the law implies a duty on a
party to the second even though there is no contract between them
"quasi-contract"
enforceable contract - CORRECT ANSWER-the court upholds the validity of a
promise
unenforceable contract - CORRECT ANSWER-a defense exists that denies the
legal enforcement of an agreement
valid contract - CORRECT ANSWER-an agreement is enforceable because all the
essential requirements are present
void contract - CORRECT ANSWER-an agreement that lacks an essential
requirement for validity and enforceability
voidable contract - CORRECT ANSWER-an agreement when at least one party
has the right to withdraw from the promise made without incurring any legal
liability
executed contract - CORRECT ANSWER-a contract in which the parties have
performed their promises
executory contract - CORRECT ANSWER-when the parties have not yet
performed their agreement
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,offer - CORRECT ANSWER-contains a specific promise and a specific demand
offeror - CORRECT ANSWER-person making the offer
offeree - CORRECT ANSWER-the person to whom the offer is made
revocation - CORRECT ANSWER-when the offeror retracts the offer before the
acceptance
rejection - CORRECT ANSWER-when the offeree rejects the offer
counteroffer - CORRECT ANSWER-when the offeree makes a counterproposal
lapse of time - CORRECT ANSWER-when the offeree fails to accept by a
deadline defined in the offer or after a reasonable period of time
termination - CORRECT ANSWER-the offeree's legal power to bind the offer
ends
subject matter destruction - CORRECT ANSWER-when the object of the
contract is destroyed or legally eliminated
offeror death or insanity - CORRECT ANSWER-when the offeror no longer has
the capacity to make the offer
subject matter illegality - CORRECT ANSWER-when a change in the law renders
the agreement illegal, acceptance is no longer possible
acceptance - CORRECT ANSWER-necessary to create a valid, enforceable
contract
, mirror image rule - CORRECT ANSWER-the acceptance of a contract must
mirror the offer-- match it exactly
prior course of dealing - CORRECT ANSWER-the way two people have done
business in the past
mailbox rule - CORRECT ANSWER-the acceptance of an offer becomes binding
when it is "deposited" with the postal service
"deposited acceptance rule"
consideration - CORRECT ANSWER-the legal mechanism for evaluating the
existence of an incentive
accord and satisfaction - CORRECT ANSWER-an agreement and the payment to
resolve a dispute over the amount owed
illusory - CORRECT ANSWER-one party is not truly bound to a contract
firm offer - CORRECT ANSWER-when a merchant offering goods promises in
writing that the offer will not be revoked for a period not to exceed 3 months
option - CORRECT ANSWER-an agreement to not revoke an offer
promissory estoppel - CORRECT ANSWER-arises when a promisee justifiably
relies on a promisor's promise to his or her economic injury
capacity - CORRECT ANSWER-a person's ability to be bound by a contract
lack capacity - CORRECT ANSWER-1. minors
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
Questions With Proper Solutions
100% PASS
contract - CORRECT ANSWER-a legally enforceable promise or an exchange of
promises
Uniform Commercial Code - CORRECT ANSWER-most important example of
state-based legislation impacting contract law
goods - CORRECT ANSWER-tangible, movable items of personal property
bilateral contract - CORRECT ANSWER-an agreement containing mutual
promises
unilateral contract - CORRECT ANSWER-an agreement with only one promise,
and only one party is committed to perform; seeks an action rather than a promise
in return
express contract - CORRECT ANSWER-contract that arises from interactions in
which parties actually discuss the promised terms of their agreement
,implied-in-fact contract - CORRECT ANSWER-contract that arises from the
conduct of the parties rather than from words
implied-in-law contract - CORRECT ANSWER-when the law implies a duty on a
party to the second even though there is no contract between them
"quasi-contract"
enforceable contract - CORRECT ANSWER-the court upholds the validity of a
promise
unenforceable contract - CORRECT ANSWER-a defense exists that denies the
legal enforcement of an agreement
valid contract - CORRECT ANSWER-an agreement is enforceable because all the
essential requirements are present
void contract - CORRECT ANSWER-an agreement that lacks an essential
requirement for validity and enforceability
voidable contract - CORRECT ANSWER-an agreement when at least one party
has the right to withdraw from the promise made without incurring any legal
liability
executed contract - CORRECT ANSWER-a contract in which the parties have
performed their promises
executory contract - CORRECT ANSWER-when the parties have not yet
performed their agreement
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
,offer - CORRECT ANSWER-contains a specific promise and a specific demand
offeror - CORRECT ANSWER-person making the offer
offeree - CORRECT ANSWER-the person to whom the offer is made
revocation - CORRECT ANSWER-when the offeror retracts the offer before the
acceptance
rejection - CORRECT ANSWER-when the offeree rejects the offer
counteroffer - CORRECT ANSWER-when the offeree makes a counterproposal
lapse of time - CORRECT ANSWER-when the offeree fails to accept by a
deadline defined in the offer or after a reasonable period of time
termination - CORRECT ANSWER-the offeree's legal power to bind the offer
ends
subject matter destruction - CORRECT ANSWER-when the object of the
contract is destroyed or legally eliminated
offeror death or insanity - CORRECT ANSWER-when the offeror no longer has
the capacity to make the offer
subject matter illegality - CORRECT ANSWER-when a change in the law renders
the agreement illegal, acceptance is no longer possible
acceptance - CORRECT ANSWER-necessary to create a valid, enforceable
contract
, mirror image rule - CORRECT ANSWER-the acceptance of a contract must
mirror the offer-- match it exactly
prior course of dealing - CORRECT ANSWER-the way two people have done
business in the past
mailbox rule - CORRECT ANSWER-the acceptance of an offer becomes binding
when it is "deposited" with the postal service
"deposited acceptance rule"
consideration - CORRECT ANSWER-the legal mechanism for evaluating the
existence of an incentive
accord and satisfaction - CORRECT ANSWER-an agreement and the payment to
resolve a dispute over the amount owed
illusory - CORRECT ANSWER-one party is not truly bound to a contract
firm offer - CORRECT ANSWER-when a merchant offering goods promises in
writing that the offer will not be revoked for a period not to exceed 3 months
option - CORRECT ANSWER-an agreement to not revoke an offer
promissory estoppel - CORRECT ANSWER-arises when a promisee justifiably
relies on a promisor's promise to his or her economic injury
capacity - CORRECT ANSWER-a person's ability to be bound by a contract
lack capacity - CORRECT ANSWER-1. minors
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
