Law 2221 Final Dove Troy University Exam Questions with Complete Solutions | 2026 | Guaranteed Success

Law 2221 Final Dove Troy University Exam Questions with Complete Solutions | 2026 | Guaranteed Success What are the four required elements of a valid contract? - answer-Agreement, consideration, capacity, legality. What are the three requirements of an offer? - answer-Intent, definite terms, communication to offeree. Are advertisements usually offers? Why or why not? - answer-No — they are invitations to negotiate unless they use 'first come first served' or 'while supplies last.' What is the mirror image rule? - answer-Acceptance must match the offer exactly (common law). Under the mailbox rule, when is acceptance effective? - answer-When it is sent. Name three ways an offer can terminate by operation of law. - answer-Lapse of time, death of offeror, destruction of subject matter, illegality. What are the two parts of consideration? - answer-Legally sufficient value + bargained-for exchange. What is the preexisting duty rule? - answer-You cannot use a duty you already owe as new consideration. What is past consideration? - answer-Something given in the past — not valid consideration.What is an illusory promise? - answer-A promise with no real commitment (not enforceable). What is promissory estoppel? - answer-A clear promise + reasonable reliance + detriment + injustice without enforcement. What are the three major capacity issues? - answer-Minors, intoxication, mental incompetence. What is the effect of a contract made by a minor? - answer-It is voidable by the minor. What happens to illegal contracts? - answer-They are void. What are the types of contract fraud? - answer-Misrepresentation of material fact + intent + reliance + damages. What is duress? - answer-Wrongful threat that prevents free will. What is undue influence? - answer-Pressure from a trusted relationship that overcomes free will. Name three contracts that fall under the Statute of Frauds (common law). - answer-Real estate, contracts not performable within one year, goods over $500 (UCC). What does the parol evidence rule do? - answer-Excludes outside evidence that contradicts a written contract. What is substantial performance? - answer-Performance that is not perfect but close enough; no material breach. What is a material breach? - answer-A serious breach that defeats the purpose of the contract. What is the default standard of performance? - answer-Reasonable person standard.What does 'time is of the essence' mean? - answer-Deadlines are strict; delays are material breaches. What are compensatory damages? - answer-Direct losses from the breach.