EXAM 2: LSB 3213 OK State; Questions &Answers 100% Correct
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Course
LSB 3213
Institution
LSB 3213
EXAM 2: LSB 3213 OK State; Questions &Answers 100%
Correct
What are the sources of contract law? Correct Answer-Common Law & UCC
What is the purpose/policy behind contract law? Correct Answer-To assure the parties to
private agreements that the promises they make will be enforceabl
EXAM 2: LSB 3213 OK State; Questions &Answers 100%
Correct
What are the sources of contract law? Correct Answer-Common Law & UCC
What is the purpose/policy behind contract law? Correct Answer-To assure the parties to
private agreements that the promises they make will be enforceable
What is the objective theory of contracts? Correct Answer-This looks at the circumstances
that determine the intent of the parties.
What are two defenses to the enforceability of a contract? Correct Answer-The parties
must both voluntarily consent to a form, a contract, or the contact must be in writing to be
enforceable.
What is a bilateral contract? Correct Answer-Offeree must only promise to perform (a
promise for a promise)
What is an unilateral contract? Correct Answer-Offeree can accept the offer only by
completing the performance (a promise for an act)
, EXAM 2: LSB 3213 OK State; Questions &Answers 100%
Correct
What does the law permit someone to do to prevent an unfair result? Correct Answer-If
the party substantially performs the act, then the offer cannot be revoked.
What is a formal contract? Correct Answer-A contract that requires a special form or
method in order to be enforceable.
What is an informal contract? Correct Answer-A contract that does NOT require a specified
form or method of formation in order to be enforceable.
What is an express contract? Correct Answer-The terms of the agreement are explicitly
stated, whether it is oral or it is in writing.
What is an implied (in fact) contract? Correct Answer-Conduct creates and defines the
terms of the contract.
What is the executed degree of contract performance Correct Answer-A contract has been
fully performed by both (or all) parties.
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