BLAW 3391 Final Exam Questions With
Verified Answers
contract
Mutual Agreement
A person who is of legal age and normal mentality
Competent Party
The promises exchanged by parties to a contract
Consideration
A contract that is created entirely through conversation of the parties involved
Oral Contract
A contract that is understood from the acts or conduct of the parties
Implied Contract
A written contract that bears a seal
Formal Contract
A contract with several related parts, each of which can stand alone
Divisible Contract
The requirement that a contract cannot violate the law
Legality of Purpose
A contract with several related parts, each dependent on the other parts for
satisfactory performance
Entire, or Indivisible Contract
A contract whose meaning is not determined by the conduct of the parties
Express Contract
A contract that has not yet been completed by both parties
Executory Contract
A contract that allows the incompetent party to withdraw
, Voidable Contract
A contract that has been fully completed by both parties
Executed Contract
A contract that lacks an essential element and hence was never legally a contract
Void Contract
A requirement for contracts for the sale of goods for $500 or more
Proper Form
All agreements between two competent parties are contracts
False
Written contracts must be handwritten to be legally enforceable
False
Implied Contracts are those dealing with only personal transactions
False
Entire contracts are those composed of several related parts
True
To be legally enforceable, contracts must be in writting
False
Contracts do not need to be states in legal language
True
Implied contracts are neither written nor oral
True
The terms of express contracts are specifically stated
True
A contract is considered executed as soon as all parties have performed all parts
of it
True
In a contract between a minor and an adult, the adult must perform his or her part
of the agreement unless the minor decides to withdraw
True
A promise to do something you are already obligated to do is generally
considered valid consideration
Verified Answers
contract
Mutual Agreement
A person who is of legal age and normal mentality
Competent Party
The promises exchanged by parties to a contract
Consideration
A contract that is created entirely through conversation of the parties involved
Oral Contract
A contract that is understood from the acts or conduct of the parties
Implied Contract
A written contract that bears a seal
Formal Contract
A contract with several related parts, each of which can stand alone
Divisible Contract
The requirement that a contract cannot violate the law
Legality of Purpose
A contract with several related parts, each dependent on the other parts for
satisfactory performance
Entire, or Indivisible Contract
A contract whose meaning is not determined by the conduct of the parties
Express Contract
A contract that has not yet been completed by both parties
Executory Contract
A contract that allows the incompetent party to withdraw
, Voidable Contract
A contract that has been fully completed by both parties
Executed Contract
A contract that lacks an essential element and hence was never legally a contract
Void Contract
A requirement for contracts for the sale of goods for $500 or more
Proper Form
All agreements between two competent parties are contracts
False
Written contracts must be handwritten to be legally enforceable
False
Implied Contracts are those dealing with only personal transactions
False
Entire contracts are those composed of several related parts
True
To be legally enforceable, contracts must be in writting
False
Contracts do not need to be states in legal language
True
Implied contracts are neither written nor oral
True
The terms of express contracts are specifically stated
True
A contract is considered executed as soon as all parties have performed all parts
of it
True
In a contract between a minor and an adult, the adult must perform his or her part
of the agreement unless the minor decides to withdraw
True
A promise to do something you are already obligated to do is generally
considered valid consideration
