EXAM 2: LSB 3213; Questions &Answers 100% Pass
what is a contract? Correct Answer-legally enforceable promise or set of promises
what are the four basic required elements of a valid contract? Correct Answer-Mutual
Assent: parties to contract must indicate through words or behavior that they wil...
EXAM 2: LSB 3213; Questions &Answers 100% Pass
what is a contract? Correct Answer-legally enforceable promise or set of promises
what are the four basic required elements of a valid contract? Correct Answer-Mutual
Assent: parties to contract must indicate through words or behavior that they willingly agree
to enter into contract
Consideration: both sides must obtain something of value (legal benefit) and give something
of value (legal detriment)
Legality of purpose: contract must satisfy legal purpose
Capacity: both parties to contract must have legal standing to enter into contracts
what is the difference between valid, void, voidable, and unenforceable contracts? Correct
Answer-Valid: when contract has the required elements
Void: when agreement lacks one of the required elements or has not been formed in
conformance with the law from the outset
, EXAM 2: LSB 3213; Questions &Answers 100% Pass
Voidable: when the law gives one or more parties right to cancel otherwise valid contract
under the circumstances
Unenforceable: although contract may have all required elements and be considered valid, it
may be unenforceable because one party asserts a legal defense to performing the contract
what is every contract in the United States premised on the notion of? Correct Answer-
good faith
What is the difference between a unilateral contract and a bilateral contract? Correct
Answer-Unilateral Contract: where one party's legal detriment arises from its action or
inaction rather than a promise
Bilateral Contract: where legal detriment is incurred through the mutual promises the parties
make to each other
in general, what type of law governs contracts for services? Correct Answer-Common law
contracts
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