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LSB 3213 Exam 2 OK State Questions and Correct Answers the Latest Update and Recommended Version
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LSB 3213 Exam 2 OK State Questions and Correct Answers the Latest Update and Recommended Version
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TestTrackers: Unlock Your Exam Potential! | Quality Practice Materials | Boost Your Confidence Today!LSB 3213 Exam 2 OK State Questions and
Correct Answers the Latest Update and
Recommended Version
What are the sources of contract law?
✓ Common Law & UCC
What is the purpose/policy behind contract law?
✓ To assure the parties to private agreements that the promises they make will be
enforceable
What is the objective theory of contracts?
✓ This looks at the circumstances that determine the intent of the parties.
What are two defenses to the enforceability of a contract?
✓ 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?
✓ Offeree must only promise to perform (a promise for a promise)
What is an unilateral contract?
✓ Offeree can accept the offer only by completing the performance (a promise for an act)
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What does the law permit someone to do to prevent an unfair result?
✓ If the party substantially performs the act, then the offer cannot be revoked.
What is a formal contract?
✓ A contract that requires a special form or method in order to be enforceable.
What is an informal contract?
✓ A contract that does NOT require a specified form or method of formation in order to be
enforceable.
What is an express contract?
✓ The terms of the agreement are explicitly stated, whether it is oral or it is in writing.
What is an implied (in fact) contract?
✓ Conduct creates and defines the terms of the contract.
What is the executed degree of contract performance
✓ A contract has been fully performed by both (or all) parties.
What is the executory degree of contract performance?
✓ A contract that has NOT been fully performed by one or more parties.
What if a contract has other defenses that prevent it from being enforceable?
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