LGS 200 Exam 2 Charlye Adams Solved Papers - Questions with Complete Solutions Agreement (Mutual Assent) - Correct Answers ✅MOST
IMPORTANT PART OF CONTRACT
must have offer and acceptance what are the basic elements of a contract - Correct Answers ✅agreement, consideration, capacity, legality bilateral contract - Correct Answers ✅promise for a promise "I promise to pay you $400 if you promise to deliver 400 widgets" communication of acceptance is required unilateral contract - Correct Answers ✅promise for an act "I promise to pay you $400 when you DELIVER 400 widgets communication of acceptance is NOT required, only notification intoxication (related to contracts) - Correct Answers ✅contract is voidable by intoxicated party as long as they can prove they were intoxicated implied in fact contract - Correct Answers ✅a contract that is implied from conduct of parties rather than words 1 / 2
LGS 200 Exam 2 Charlye Adams Solved Papers - Questions with Complete Solutions ambulance takes you to hospital and is expecting to be paid bc they saved your life objective theory of contracts - Correct Answers ✅judged by reasonable person standard Would a reasonable person looking at the contract, think that the parties intended to be bound by contract?mirror image rule (common law contracts) - Correct Answers ✅offeree must accept terms of offer exactly as stated.any change in terms automatically terminates the offer counteroffer - Correct Answers ✅response by offerree that contains terms and conditions different from the offer unilateral mistake of fact - Correct Answers ✅ONE party is mistaken about a material fact regarding subject matter of contract accidentally offers 5,000 for a 50,000 car One Year Rule - Correct Answers ✅MODIFICATIONS-verbal contracts for less than 12 month contracts is fine, but if it is changed to MORE THAN A YEAR, it must be in WRITING
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