BLAW 3391 Final TTU Questions
With Verified Answers
tangible personal property
personal property that can be moved
contract
legally enforceable agreement that is created when two or more competent parties
agree to perform, or to avoid performing, certain acts that they have a legal right to do
and that meet certain legal requirements
offer
a proposal made by one party (the offeror) to another person (the offeree) that indicates
a willingness to enter into a contract
offeror
the person making the proposal
offeree
the person to whom a proposal is made
acceptance
an indication made by the offeree that he or she agrees to be bound by the terms of the
offer
mutual agreement
state of mind that exists between an offeror and an offeree when a valid offer has been
accepted, and the parties know what the terms are and have agreed to be bound by
them, (a.k.a- "meeting of the minds"
consideration
the promise to give up something of value that a party to a contract has a legal right to
keep or to do something that the party is not otherwise legally required to do
competent
, being mentally capable of understanding the terms of a contact
legality of purpose
the requirement that the intent of a contract be legal for the contract to be enforceable
proper form
the requirement that the form of a contract be correct for the terms of the contract to be
enforceable
oral contract
an agreement that is not in writing or signed by the parties
written contract
an agreement that is reduced to writing on a permanent surface
express contract
an contract that explicitly states that agreement of the parties, either orally or in writing
implied contract
a contract that does not explicitly state the agreement of the parties but in which the
terms of the agreement can be inferred from the conduct of the parties, the customs of
the trade, or the conditions or circumstances
formal contract
a specialty contract that is written and under seal
simple contract
an informal contact made without seal-- even though the subject matter of the contract
may be extremely complex and may involve huge amounts of money
entire contract
an agreement that is made up of two or more parts, in which each part is dependent
upon the others
divisible contract
an agreement that is made up of two or more parts, each part being independent of the
others
executory contract
an agreement in which some future act or obligation remains to be performed under its
terms
executed contract
With Verified Answers
tangible personal property
personal property that can be moved
contract
legally enforceable agreement that is created when two or more competent parties
agree to perform, or to avoid performing, certain acts that they have a legal right to do
and that meet certain legal requirements
offer
a proposal made by one party (the offeror) to another person (the offeree) that indicates
a willingness to enter into a contract
offeror
the person making the proposal
offeree
the person to whom a proposal is made
acceptance
an indication made by the offeree that he or she agrees to be bound by the terms of the
offer
mutual agreement
state of mind that exists between an offeror and an offeree when a valid offer has been
accepted, and the parties know what the terms are and have agreed to be bound by
them, (a.k.a- "meeting of the minds"
consideration
the promise to give up something of value that a party to a contract has a legal right to
keep or to do something that the party is not otherwise legally required to do
competent
, being mentally capable of understanding the terms of a contact
legality of purpose
the requirement that the intent of a contract be legal for the contract to be enforceable
proper form
the requirement that the form of a contract be correct for the terms of the contract to be
enforceable
oral contract
an agreement that is not in writing or signed by the parties
written contract
an agreement that is reduced to writing on a permanent surface
express contract
an contract that explicitly states that agreement of the parties, either orally or in writing
implied contract
a contract that does not explicitly state the agreement of the parties but in which the
terms of the agreement can be inferred from the conduct of the parties, the customs of
the trade, or the conditions or circumstances
formal contract
a specialty contract that is written and under seal
simple contract
an informal contact made without seal-- even though the subject matter of the contract
may be extremely complex and may involve huge amounts of money
entire contract
an agreement that is made up of two or more parts, in which each part is dependent
upon the others
divisible contract
an agreement that is made up of two or more parts, each part being independent of the
others
executory contract
an agreement in which some future act or obligation remains to be performed under its
terms
executed contract
