STUDENTS SUCCESS
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
PVL3702 CONTRACT LAW PACK 2024/2025
What is a Contract?
ans:A contract is a legally enforceable agreement composed of a promise or
promises that have been agreed on and that create both rights and duties for the
parties to the agreement.
What does a Contract Require?
ans:Requires:
Mutual Assent, Consideration, aka "Bargained-for Exchange of promises", and No
Defenses to Formation.
What are unliquidated damages?
ans:Damages that cannot be determined by a fixed formula and must be established
by a judge or jury. Debt where there is a legitimate dispute over the amount of the
debt or the liability for the debt.
What law applies to:
Services
Land
Goods
ans:• Common law (state case law) for services;
• Common law (state case law) for land sales; and
• Uniform Commercial Code for goods
(UCC Article 2).
,.
What are the key three elements of a contract?
ans:• Mutual assent
• Consideration
• No defenses to formation .
What three forms do contracts take?
ans:• express contracts: formed by written or spoken language
• implied contracts: formed by conduct
.
• quasi-contracts: a legal fiction, they are formed by law as a consideration substitute
to avoid unjust enrichment ; not formed by mutual agreement of the parties.
How are the three forms of contracts classified?
ans:classifications are:
• bilateral
• unilateral.
What is the preemption doctrine?
ans:Federal substantive law supplants state law, but, both state and federal courts
have concurrent jurisdiction of actions arising under that law.
Will not be on test.
What is mutual assent (or consent)?
ans:Meeting of the minds wherein the parties manifest their intention to enter into a
contract. This manifestation consists of a valid offer and a valid acceptance.
Merged and edited agreement, approval, permission; especially, verbal or nonverbal
conduct reasonably interpreted as willingness.
The requirement of assent; which is fundamental to the formation of a binding
contract, implies in a general way that both parties to an exchange shall have a
reasonably clear conception of what they are getting and what they are giving up.
,What is an offer and how is it made?
ans:The beginning of a contract where the offeror indicates his intention to enter into
an agreement in a way that the offeree can accept by simply assenting to the stated
intention.
A promise to perform conditional on receiving acceptance.
.
Must be accepted while alive.
What comprises a valid offer?
ans:A valid Offer composed of:
a) a promise to enter into a contract is expressed
b) in clear and certain terms
c) communicated to the offeree
What is an offer for a bilateral contract?
ans:A promise (offer) is offered in exchange for a promise (acceptance).
The initial offer is composed of:
a) the expression of a promise to enter into a contract
b) in clear and certain terms
c) communicated to the offeree
What is an offer for a unilateral contract?
ans:A promise (offer) is offered in exchange for performance (acceptance).
The initial offer is composed of:
a) the expression of a promise to enter into a contract
b) in clear and certain terms
c) communicated to the offeree acceptance is by performance, that is, by completion
of the requested act.
Offeror cannot revoke the offer once it has been relied upon by the offeree.
Offeror must allow completion; otherwise, subject to restitution damages.
, What is a quasi-contract?
ans:a legal fiction formed by law to avoid unjust enrichment exemplified by
promissory estoppel, aka detrimental reliance. The court imposes this contract as a
remedy whereby detrimental reliance becomes a consideration substitute. Unjust
enrichment is mandatory for the imposition of this quasi-contract
.
quasi-contract: implied-in-law contract: an obligation created by law for the sake of
justice; specifically, an obligation imposed by law because of some special
relationship between the parties or because one of them would otherwise be unjustly
enriched. An implied-in-law contract is not actually a contract, but instead is a
remedy that allows the plaintiff to recover a benefit conferred on the defendant. Also
termed contract implied-in-law, quasi-contract, constructive contract (Black's).
.
How are offers terminated?
ans:1. revocation by the offeror;
2. rejection by the offeree;
3. termination by law
.
Who can accept offers?
ans:A person can accept an offer if the offeror has created a power of acceptance in
them. This means that any person can accept an offer if he knows of the offer and he
is the party to whom the offer was made.
.
Who can revoke an offer?
ans:The offeror.
Who can reject an offer?
ans:the offeree.
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
PVL3702 CONTRACT LAW PACK 2024/2025
What is a Contract?
ans:A contract is a legally enforceable agreement composed of a promise or
promises that have been agreed on and that create both rights and duties for the
parties to the agreement.
What does a Contract Require?
ans:Requires:
Mutual Assent, Consideration, aka "Bargained-for Exchange of promises", and No
Defenses to Formation.
What are unliquidated damages?
ans:Damages that cannot be determined by a fixed formula and must be established
by a judge or jury. Debt where there is a legitimate dispute over the amount of the
debt or the liability for the debt.
What law applies to:
Services
Land
Goods
ans:• Common law (state case law) for services;
• Common law (state case law) for land sales; and
• Uniform Commercial Code for goods
(UCC Article 2).
,.
What are the key three elements of a contract?
ans:• Mutual assent
• Consideration
• No defenses to formation .
What three forms do contracts take?
ans:• express contracts: formed by written or spoken language
• implied contracts: formed by conduct
.
• quasi-contracts: a legal fiction, they are formed by law as a consideration substitute
to avoid unjust enrichment ; not formed by mutual agreement of the parties.
How are the three forms of contracts classified?
ans:classifications are:
• bilateral
• unilateral.
What is the preemption doctrine?
ans:Federal substantive law supplants state law, but, both state and federal courts
have concurrent jurisdiction of actions arising under that law.
Will not be on test.
What is mutual assent (or consent)?
ans:Meeting of the minds wherein the parties manifest their intention to enter into a
contract. This manifestation consists of a valid offer and a valid acceptance.
Merged and edited agreement, approval, permission; especially, verbal or nonverbal
conduct reasonably interpreted as willingness.
The requirement of assent; which is fundamental to the formation of a binding
contract, implies in a general way that both parties to an exchange shall have a
reasonably clear conception of what they are getting and what they are giving up.
,What is an offer and how is it made?
ans:The beginning of a contract where the offeror indicates his intention to enter into
an agreement in a way that the offeree can accept by simply assenting to the stated
intention.
A promise to perform conditional on receiving acceptance.
.
Must be accepted while alive.
What comprises a valid offer?
ans:A valid Offer composed of:
a) a promise to enter into a contract is expressed
b) in clear and certain terms
c) communicated to the offeree
What is an offer for a bilateral contract?
ans:A promise (offer) is offered in exchange for a promise (acceptance).
The initial offer is composed of:
a) the expression of a promise to enter into a contract
b) in clear and certain terms
c) communicated to the offeree
What is an offer for a unilateral contract?
ans:A promise (offer) is offered in exchange for performance (acceptance).
The initial offer is composed of:
a) the expression of a promise to enter into a contract
b) in clear and certain terms
c) communicated to the offeree acceptance is by performance, that is, by completion
of the requested act.
Offeror cannot revoke the offer once it has been relied upon by the offeree.
Offeror must allow completion; otherwise, subject to restitution damages.
, What is a quasi-contract?
ans:a legal fiction formed by law to avoid unjust enrichment exemplified by
promissory estoppel, aka detrimental reliance. The court imposes this contract as a
remedy whereby detrimental reliance becomes a consideration substitute. Unjust
enrichment is mandatory for the imposition of this quasi-contract
.
quasi-contract: implied-in-law contract: an obligation created by law for the sake of
justice; specifically, an obligation imposed by law because of some special
relationship between the parties or because one of them would otherwise be unjustly
enriched. An implied-in-law contract is not actually a contract, but instead is a
remedy that allows the plaintiff to recover a benefit conferred on the defendant. Also
termed contract implied-in-law, quasi-contract, constructive contract (Black's).
.
How are offers terminated?
ans:1. revocation by the offeror;
2. rejection by the offeree;
3. termination by law
.
Who can accept offers?
ans:A person can accept an offer if the offeror has created a power of acceptance in
them. This means that any person can accept an offer if he knows of the offer and he
is the party to whom the offer was made.
.
Who can revoke an offer?
ans:The offeror.
Who can reject an offer?
ans:the offeree.
