LEGL 2700 ROESSING TEST 3 2026 STUDY GUIDE PRACTICE QUESTIONS DETAILED SOLUTIONS

LEGL 2700 ROESSING TEST 3 2026
STUDY GUIDE PRACTICE
QUESTIONS DETAILED SOLUTIONS
◉ Promisor. Answer: The party making the promise


◉ Promisee. Answer: The party receiving the promise


◉ Offeror. Answer: The party making the offer


◉ Offeree. Answer: The party receiving the offer


◉ Purpose of contract law. Answer: Allows parties to plan for risk and
enforce private agreements


◉ 5 elements of a contract. Answer: Offer, Acceptance, Consideration,
Capacity, Legality


◉ Missing element result. Answer: Not a contract, only a promise


◉ Bilateral contract. Answer: Promise exchanged for a promise


◉ Unilateral contract. Answer: Promise exchanged for an act

, ◉ Express contract. Answer: Terms clearly stated orally or in writing


◉ Implied-in-fact contract. Answer: Agreement inferred from conduct


◉ Implied-in-law contract (quasi-contract). Answer: Legal obligation
imposed to prevent unjust enrichment


◉ Valid contract. Answer: All 5 elements present


◉ Void contract. Answer: Never legally formed


◉ Voidable contract. Answer: One party may cancel


◉ Unenforceable contract. Answer: Valid but cannot be enforced in
court


◉ Executed contract. Answer: Fully performed contract


◉ Executory contract. Answer: Not yet performed


◉ Offer. Answer: A definite proposal made with intent and
communicated