BLAW EXAM 2 UARK QUESTIONS WITH 100%
COMPLETE VERIFIED SOLUTIONS
Elements of a contract - CORRECT ANSWER✔✔-Agreement, Consideration,
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Capacity, and Legality | |
What is a bilateral contract? - CORRECT ANSWER✔✔-sales contract that promises
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to sell and promise to buy
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What is a unilateral contract? - CORRECT ANSWER✔✔-service contract that
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promises to pay once an act has been preformed
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Express VS Implied - CORRECT ANSWER✔✔-Express is directly state when implied
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is not firmly stated.
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Executory VS Executed - CORRECT ANSWER✔✔-Executory is not fully performed
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but executed is a done deal.
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Void VS Voidable - CORRECT ANSWER✔✔-Void is illegal and not inforceable but
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voidable one side has special power to void a contract
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What are the three requirements of an offer? - CORRECT ANSWER✔✔-legal
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intent, communication, definite.
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, What is the "mirror image rule"? - CORRECT ANSWER✔✔-It has to be exactly the
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same as the offer | | |
What is the pre-existing duty rule? - CORRECT ANSWER✔✔-If you are under legal
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obligation under contract then any other contract to do the same act is not
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withstanding.
3 main capacity in contracts - CORRECT ANSWER✔✔-minors, intoxicated and
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insane
What does statute of frauds mean? - CORRECT ANSWER✔✔-must be in writing in
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order to be enforceable
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Statute of frauds applies to what? - CORRECT ANSWER✔✔--sale of land
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-contract which cannot be completed in one year
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-promise to stand behind the debt of another
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-sale of good greater than $500
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What is the mail box rule? - CORRECT ANSWER✔✔-Contract is accepted the date
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the person sends it in the mail not the date it is received.
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Revoke rule? - CORRECT ANSWER✔✔-Allowed to revoke the offer before it is
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accepted
Two requirement of consideration - CORRECT ANSWER✔✔-Must be done at the
| | | | | | | | | | |
time the offer is being made and has to be bargained for.
| | | | | | | | | | |
COMPLETE VERIFIED SOLUTIONS
Elements of a contract - CORRECT ANSWER✔✔-Agreement, Consideration,
| | | | | | | |
Capacity, and Legality | |
What is a bilateral contract? - CORRECT ANSWER✔✔-sales contract that promises
| | | | | | | | | |
to sell and promise to buy
| | | | | |
What is a unilateral contract? - CORRECT ANSWER✔✔-service contract that
| | | | | | | | | |
promises to pay once an act has been preformed
| | | | | | | |
Express VS Implied - CORRECT ANSWER✔✔-Express is directly state when implied
| | | | | | | | | |
is not firmly stated.
| | | |
Executory VS Executed - CORRECT ANSWER✔✔-Executory is not fully performed
| | | | | | | | | |
but executed is a done deal.
| | | | |
Void VS Voidable - CORRECT ANSWER✔✔-Void is illegal and not inforceable but
| | | | | | | | | | | |
voidable one side has special power to void a contract
| | | | | | | | |
What are the three requirements of an offer? - CORRECT ANSWER✔✔-legal
| | | | | | | | | | |
intent, communication, definite.
| |
, What is the "mirror image rule"? - CORRECT ANSWER✔✔-It has to be exactly the
| | | | | | | | | | | | | |
same as the offer | | |
What is the pre-existing duty rule? - CORRECT ANSWER✔✔-If you are under legal
| | | | | | | | | | | | |
obligation under contract then any other contract to do the same act is not
| | | | | | | | | | | | | |
withstanding.
3 main capacity in contracts - CORRECT ANSWER✔✔-minors, intoxicated and
| | | | | | | | | |
insane
What does statute of frauds mean? - CORRECT ANSWER✔✔-must be in writing in
| | | | | | | | | | | |
order to be enforceable
| | | |
Statute of frauds applies to what? - CORRECT ANSWER✔✔--sale of land
| | | | | | | | | |
-contract which cannot be completed in one year
| | | | | | |
-promise to stand behind the debt of another
| | | | | | |
-sale of good greater than $500
| | | | |
What is the mail box rule? - CORRECT ANSWER✔✔-Contract is accepted the date
| | | | | | | | | | | | |
the person sends it in the mail not the date it is received.
| | | | | | | | | | | |
Revoke rule? - CORRECT ANSWER✔✔-Allowed to revoke the offer before it is
| | | | | | | | | | | |
accepted
Two requirement of consideration - CORRECT ANSWER✔✔-Must be done at the
| | | | | | | | | | |
time the offer is being made and has to be bargained for.
| | | | | | | | | | |
