LSTD 2106 Exam 2 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Define offer - Correct Answers ✅-a promise or commitment to do or refrain from doing a specified activity -the expression of a willingness to enter into a contract by the offeror's promising an offeree that she will perform certain obligations in exchange for the offeree's counterpromise to perform.mailbox rule - Correct Answers ✅-provides that the acceptance of an offer is generally effective upon dispatch of the acceptance when sent in a commerciallyreasonable manner and not when the acceptance is received by the offeror -governs common law contracts mutual mistake - Correct Answers ✅-both parties hold erroneous belief -may be the basis for canceling a contract -also called avoiding the contract Consideration - Correct Answers ✅-the mutual exchange of benefits and detriments -each party receives something of value from the other and each party gives up something of value, called legal detriment, to the other -results in a bargained-for exchange 1 / 3
LSTD 2106 Exam 2 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) undue influence - Correct Answers ✅Allows the influenced party to avoid a contract when the court determines that the terms of the contract are unfair and the parties had some type of relationship that involved a fiduciary duty or some duty to care for the influenced party.-Improper pressure of a trusted relationship Statute of Frauds - Correct Answers ✅the law governing which contracts must be in writing in order to be enforceable.•The statute's purpose is to prevent fraud by requiring that certain contracts have written evidence of their existence and terms in order to be enforceable.condition subsequent - Correct Answers ✅an event that occurs after the performance under the contract and discharges the parties' obligations Parties agree on terms and the parties perform the contractual obligations in good faith in order to complete the contract.•This completion is known as discharge, because both parties have now "discharged" their obligation to the other by performing the agreed-upon duties.rescission - Correct Answers ✅neither party has fully performed, the parties may agree to cancel the contract 2 / 3
LSTD 2106 Exam 2 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) -each party gives up rights under the contract in exchange for the release by the other party from performing their obligations substitute agreement - Correct Answers ✅generally used to compromise when two parties have a dispute as to performance of the contract and wish to amend its terms.-immediately discharges any obligations under the original contract.novation - Correct Answers ✅a kind of substitute agreement that involves a substitute third party rather than a substitute promise -revokes and discharges all of the replaced party's obligations under the old contract.Impossibility •Impracticability •Frustration of purpose Impossibility - Correct Answers ✅After the parties have entered an agreement, the contemplated performance of the obligations may become impossible and, therefore, may be subject to discharge.-must be objective
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