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LEGL2700- Roessing Test 3 Questions and Answers (100% Pass)
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LEGL2700- Roessing Test 3 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+LEGL2700- Roessing Test 3
Questions and Answers (100% Pass)
contract
✓ a legally enforceable promise or an exchange of promises
Uniform Commercial Code
✓ most important example of state-based legislation impacting contract
law
goods
✓ tangible, movable items of personal property
bilateral contract
✓ an agreement containing mutual promises
unilateral contract
✓ an agreement with only one promise, and only one party is committed
to perform; seeks an action rather than a promise in return
express contract
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ contract that arises from interactions in which parties actually discuss
the promised terms of their agreement
implied-in-fact contract
✓ contract that arises from the conduct of the parties rather than from
words
implied-in-law contract
✓ when the law implies a duty on a party to the second even though
there is no contract between them
✓ "quasi-contract"
enforceable contract
✓ the court upholds the validity of a promise
unenforceable contract
✓ a defense exists that denies the legal enforcement of an agreement
valid contract
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ an agreement is enforceable because all the essential requirements
are present
void contract
✓ an agreement that lacks an essential requirement for validity and
enforceability
voidable contract
✓ an agreement when at least one party has the right to withdraw from
the promise made without incurring any legal liability
executed contract
✓ a contract in which the parties have performed their promises
executory contract
✓ when the parties have not yet performed their agreement
offer
✓ contains a specific promise and a specific demand
offeror
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ person making the offer
offeree
✓ the person to whom the offer is made
revocation
✓ when the offeror retracts the offer before the acceptance
rejection
✓ when the offeree rejects the offer
counteroffer
✓ when the offeree makes a counterproposal
lapse of time
✓ when the offeree fails to accept by a deadline defined in the offer or
after a reasonable period of time
termination
Master01 | October, 2024/2025 | Latest update
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