Exam (elaborations)
Contract Law Questions and Answers 2024
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Exam of 2 pages for the course law of contracts at law of contracts (Contract Law)
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Contract LawA contract that is legally binding and fully enforceable is known as __________ -
answerA valid contract
A proposal made by one party that he or she is willing to enter a contract is known as
____________ - answerAn offer
A contract that has no legal effect is known as __________ - answerVoid contract
Any agreement that is enforceable by law is known as ___________ - answerA contract
An unqualified agreement by the offeree to be bound by the offer is known as
___________ - answerAn acceptance
A contract that comes about by the acts of the parties is known as ____________ -
answerAn implied contract
An offer that has been changed by the offeree is known as ____________ -
answerCounteroffer
A contract stated in oral or written words is known as ___________ - answerAn express
contract
A contract in which both parties make promises is known as ___________ -
answerBilateral contract
A contract in which one party makes a promise in exchange for an act is known as
___________ - answerUnilateral contract
What are advertisements normally considered? - answerInvitations to negotiate
What are ads that have very particular promises called? - answerA valid offer
Are oral contracts legally enforceable in court of law? - answerYes
What are the three requirements of an offer? - answer1. Seriously intended
2. Definite and certain (including all elements)
3. Communication to another party
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