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LGS 200 Exam 3 Ruth Ann Hall Questions With 100- Correct Answers_.pdf
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9/25/24, 6:24 PMLGS 200 Exam 3 Ruth Ann Hall
Jeremiah
Practice questions for this set
Terms in this set (72)
Agreement
Consideration
4 essential elements of a valid contract
Capacity
Legal Purpose
applies to sales of goods with merchant involved and has provisions governing leases
Contracts under the U.C.C. (Uniform
of property. must be written. statute of limitations is 4 years. more flexible than
Commercial Code)
common law. Terms may be left open until known.
Bilateral Contract A promise made in exchange for another promise
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Unilateral Contract promise in exchange for an act EX: rewards
Valid Offer A serious specific offer and a specific demand in a contract setting.
1. serious intent
elements/ requirements for a valid offer 2. Definiteness
3. Communication to offeree
revocation by the offeree, rejection by the offeror, counteroffer by the offeree,
Termination of an offer expiration of time, death or insanity, destruction of the subject matter of the offer,
illegality offer becomes illegal to perform.
an agreement to the exact details of an offer. Effective when it is mailed or
Acceptance of a contract
communicated to the offeror.
A rule providing that an acceptance of an offer becomes effective on dispatch or as
Mailbox Rule
soon as it leaves the offeree's hand.
valid binding contract when acceptance reaches offeror and the offeror opens/ reads
acceptance by fax, phone or email
it.
An offeree's response to an offer in which the offeree rejects the original offer and at
Counteroffer
the same time makes a new offer.
rejection Refusal by the offeree
Revocation the taking back of an offer by the offeror
Offers of a reward never enforceable
Unilateral Offer The party accepting a contract can accept by performance
A theory that says the intent to contract is judged by the reasonable person standard
Objective Theory
and not by the subjective intent of the parties.
objective tests Personality tests that are administered and scored in a standard way
Zehmer owned a piece of property that Lucy wanted to buy. One night at Zehmer's bar,
Lucy made an offer which Zehmer accepted by Zehmer taking a resturant check and
writing it out and signing it 2x to make sure it was perfect and getting his wife to sign it.
Lucy v. Zehmer
He and Lucy sign a resturant check with him which had specific details concerning the
price and title of the land. Zehmer later contended that he was joking and that he didn't
really want to sell.
The case Lucy V. Zehmer, contained the outward expression, words and actions. A serious intent to contract must be shown
court's position that it must look to the (objective test) using what we see and hear one say.
___________ of a person as manifesting his
intention.
Contracts Implied in Law are not actually contracts, but are equitable remedies
Contracts implied in law
described as Quasi-contract
Contracts implied in fact based upon acts or conduct of the parties
Consideration something of value exchanged for something else of value
bargained for exchange exchange that parties engage in that leads to an enforceable contract
LGS 200 Exam 3 Ruth Ann Hall
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