LSTD 2106 Exam 2 EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Contract - Correct Answers ✅set of promises enforceable by law Elements of a contract - Correct Answers ✅mutual assent, capacity to contract, consideration, legal purpose Mutal assent - Correct Answers ✅there must be an offer and an agreement between the parties capacity to contract - Correct Answers ✅proper age and mental competence consideration - Correct Answers ✅must be a bargained for exchange of goods and services; mutual exchange of benefits and detriments legal purpose - Correct Answers ✅reason/outcome must be legal State Common Law - Correct Answers ✅services or real estate, legal, accounting, engineering state statutory law - Correct Answers ✅uniform commercial code law, goods, leasing of equipment 1 / 2
LSTD 2106 Exam 2 EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) How are hybrids subject matter determined - Correct Answers ✅allocation of price, uniqueness bilateral contract - Correct Answers ✅two promises and two performances unilateral contract - Correct Answers ✅one promise followed by one performance which then triggers a second performance express contract - Correct Answers ✅parties have knowingly and intentionally agreed on the promises and performances implied contract - Correct Answers ✅one which the agreement is reached by the parties' actions quasi-contracts - Correct Answers ✅A classification that permits a contract to be enforceable in cases where no express or implied contract exists and one party suffers losses as a result of another party's unjust enrichment.another name for quasi-contracts - Correct Answers ✅implied in law
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