LGS 200 Exam 3 ACTUAL QUESTIONS AND
CORRECT ANSWERS
4 elements of a valid contract - CORRECT ANSWER
contracts under the UCC (uniform commercial code) - CORRECT ANSWER
Bilateral vs. Unilateral - CORRECT ANSWER
Valid offers / elements of - CORRECT ANSWER
Termination of an offer - CORRECT ANSWER
acceptance of a contract - CORRECT ANSWER
mailbox rule - CORRECT ANSWER
acceptance by fax machine - CORRECT ANSWER
counteroffers - CORRECT ANSWER
rejection - CORRECT ANSWER
revocation - CORRECT ANSWER
Offers of a award - CORRECT ANSWER
Unilateral offers - CORRECT ANSWER
, Objective theory / test - CORRECT ANSWER
Lucy vs Zehmer case - CORRECT ANSWER
Contracts implied in law - CORRECT ANSWER
Contracts implied in fact - CORRECT ANSWER
Consideration / bargained for exchange - CORRECT ANSWER
Peppercorn rule - CORRECT ANSWER
Capacity : Minors - CORRECT ANSWER
Emancipation - CORRECT ANSWER
illegal contracts - CORRECT ANSWER
courts position / illegality - CORRECT ANSWER
Unconscionable contracts / elements of - CORRECT ANSWER
Exculpatory Clauses - CORRECT ANSWER
non-compete clause - CORRECT ANSWER
The Statute of Frauds / which contracts must comply - CORRECT ANSWER
CORRECT ANSWERS
4 elements of a valid contract - CORRECT ANSWER
contracts under the UCC (uniform commercial code) - CORRECT ANSWER
Bilateral vs. Unilateral - CORRECT ANSWER
Valid offers / elements of - CORRECT ANSWER
Termination of an offer - CORRECT ANSWER
acceptance of a contract - CORRECT ANSWER
mailbox rule - CORRECT ANSWER
acceptance by fax machine - CORRECT ANSWER
counteroffers - CORRECT ANSWER
rejection - CORRECT ANSWER
revocation - CORRECT ANSWER
Offers of a award - CORRECT ANSWER
Unilateral offers - CORRECT ANSWER
, Objective theory / test - CORRECT ANSWER
Lucy vs Zehmer case - CORRECT ANSWER
Contracts implied in law - CORRECT ANSWER
Contracts implied in fact - CORRECT ANSWER
Consideration / bargained for exchange - CORRECT ANSWER
Peppercorn rule - CORRECT ANSWER
Capacity : Minors - CORRECT ANSWER
Emancipation - CORRECT ANSWER
illegal contracts - CORRECT ANSWER
courts position / illegality - CORRECT ANSWER
Unconscionable contracts / elements of - CORRECT ANSWER
Exculpatory Clauses - CORRECT ANSWER
non-compete clause - CORRECT ANSWER
The Statute of Frauds / which contracts must comply - CORRECT ANSWER
