LGS 200 Exam 2 Charlye Adams UA Exam Questions and Answers (Solved Papers) Elements to have a valid contract - Correct Answers ✅Agreement, Consideration, Contractual Capacity, Legality Agreement - Correct Answers ✅offer and acceptance, a mutual assent, meeting of the minds Consideration - Correct Answers ✅legally sufficient and bargained for contractual capacity - Correct Answers ✅all parties must be competent Legality - Correct Answers ✅purpose of contract must be legal at the time of execution Unilateral Contract - Correct Answers ✅a promise for an act -Under the UCC, offeree must communicate acceptance of the offer back to the offeror in a reasonable amount of time, if not, it has lapsed
ex: i promise to pay you 500 dollars if you deliver 300 pounds
of cheese, acceptance = when you deliver cheese Bilateral Contract - Correct Answers ✅A promise for a promise 1 / 2
LGS 200 Exam 2 Charlye Adams UA Exam Questions and Answers (Solved Papers) Offeree must only promise to perform -promise to paint your door if you promise me money If you're drunk when you sign a contract, the contract is - Correct Answers ✅voidable Express Contract - Correct Answers ✅The terms of the agreement (oral or written) are explicitly stated.Implied (in Fact) Contract - Correct Answers ✅Conduct creates and defines the terms of the contract.
-EX: if you get in an accident and put you in the ambulance,
they are providing you a service that they are expecting to be paid for, even though you didn't ask for their help you can reject their services bc no contract -hospital for treatment, wont give you a contract to sign but you dont know how muchthey are charging Executory Contract - Correct Answers ✅A contract that has not been fully performed by one or more parties.Executed Contract - Correct Answers ✅A contract that has been fully performed by both or all parties
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