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LEGL 2700 EPSTEIN TEST 2 STUDY GUIDE SOLUTIONS

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LEGL 2700 EPSTEIN TEST 2 STUDY GUIDE SOLUTIONS contracts – ANSWER-legally enforceable promise or exchange of promises bilateral - ANSWER-type of contract where both parties have obligations in the contract unilateral - ANSWER-type of contract where only one party has an obligation express -...

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  • November 13, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
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EmilyCharlene
LEGL 2700 EPSTEIN TEST 2 STUDY
GUIDE SOLUTIONS

contracts – ANSWER✔✔-legally enforceable promise or exchange of promises


bilateral - ANSWER✔✔-type of contract where both parties have obligations in the

contract


unilateral - ANSWER✔✔-type of contract where only one party has an obligation


express - ANSWER✔✔-type of contract that is directly stated with words that set out

terms


implied-in-fact - ANSWER✔✔-type of contract that conduct the parties evidencing their

intent to enter the contract (by actions you have indicated that you intended to have a

contract)


implied-in-law - ANSWER✔✔-type of quasi-contract where a party was unjustly

enriched (force a contract)


executed - ANSWER✔✔-when all obligations of a contract have been completed


executory - ANSWER✔✔-when there are still open obligations in a contract


valid - ANSWER✔✔-enforceable, nothing wrong
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, void - ANSWER✔✔-no good from the get-go


voidable - ANSWER✔✔-can be cancelled


unenforceable - ANSWER✔✔-would have been valid, but there's some issue with it that

the court finds


offer - ANSWER✔✔-a promise or commitment to perform or refrain from performing

some specified act in the future; "the quality of the ______"


revocation - ANSWER✔✔-when the offeror cancels the offer; can be done any time

before valid acceptance


rejection - ANSWER✔✔-the offeree doesn't accept the offer


counteroffer - ANSWER✔✔-a rejection with a new offer suggested


lapse of time - ANSWER✔✔-say you have until a certain time to accept, but you can still

revoke it before then; offer dies after the date


subject matter destruction - ANSWER✔✔-when the thing being offered is destroyed


offeror death or insanity - ANSWER✔✔-when the offeror no longer has the capacity to

nake the offer


subject matter illegality - ANSWER✔✔-the offer is illegal


mirror image rule - ANSWER✔✔-acceptance much match the offer exactly to create a

binding contract
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