LSTD 2106 Exam 2 QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) what is a contract - Correct Answers ✅an agreement (or set of promises) enforceable at law what is an agreement - Correct Answers ✅any meeting of the minds resulting in a mutual decision what is a promise - Correct Answers ✅a guarantee that the speaker will do or refrain from doing something in the future what is a bilateral contract - Correct Answers ✅one promise in exchange for another promise (offer in exchange for an offer) what is an unilateral contract - Correct Answers ✅one promise from offeror in exchange for a performance what is an offeror - Correct Answers ✅person extending an offer (decides terms) what is an offeree - Correct Answers ✅one getting the offer what is an expressed contract - Correct Answers ✅we know exist by parties' spoken and written words 1 / 4
LSTD 2106 Exam 2 QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) what is an implied contract - Correct Answers ✅an agreement that is already known by both parties' conduct
ex: hairdresser knowing to always touch up your roots with
constant agreed upon price what is a valid contract - Correct Answers ✅an agreement that meets all of the laws' requirements to be a contract what is a void contract - Correct Answers ✅an agreement that the courts will automatically throw out because it lacks legality what is a voidable contract - Correct Answers ✅agreement is not automatically tossed out, but we will give one of the parties the option to get out of it (lacks capacity or consent) what is an unenforceable contract - Correct Answers ✅parties failed to put it in writing (lacks writing element) what are the sources of contract law - Correct Answers ✅uniform commercial code (UCC) and state common law what state has not adopted the UCC - Correct Answers ✅Louisiana 2 / 4
LSTD 2106 Exam 2 QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) what is the UCC - Correct Answers ✅governs contracts for the sale of goods what is a good - Correct Answers ✅something that is tangible and movable what does not count as a good - Correct Answers ✅intellectual property and land or things permanently attached to land what is state common law - Correct Answers ✅all other contracts (any sale of a non-good, service, employment, etc.) what is a hybrid contract - Correct Answers ✅sale of goods and services what test is used under hybrid contracts - Correct Answers ✅the primary purpose test aka predominant thrust test what are the four overarching questions when determining if it is a contract - Correct Answers ✅1. did the parties form an enforceable contract
- what were the terms and duties of the contract
- did the defendant do what they promised
- what remedy will we provide to compensate the plaintiff 3 / 4
LSTD 2106 Exam 2 QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) what test do we use to determine if it was an enforceable contract - Correct Answers ✅7 elements test (has to meet each element) what are the 7 elements of the 7 elements test - Correct Answers ✅1. offer
- acceptance
- consideration
- legality
- capacity
- consent
- writing
- / 4
what does offer + acceptance = - Correct Answers ✅mutual assent what is an offer - Correct Answers ✅a promise or commitment to do or refrain from doing some specific activity what criteria has to be met for it to be an offer - Correct Answers ✅has to be clear and communicated and have serious intent to be bound