SPEA-V 184 Exam 2 Questions and Answers Already Passed

SPEA-V 184 Exam 2 Questions and Answers Already Passed A Contract Must Have - Answers 1. Agreement 2. Capacity 3. Legality 4. Consideration Contracts Can Be - Answers 1. Written- negotiated, standard form, click through, shrink, wrap, etc. 2. Oral Bilateral - Answers two parties exchange promises Unilateral - Answers one party make a promise. Contract is created when other party performs certain tasks in response. Valid K - Answers meets all legal requirements for a binding k Unconscious K - Answers grossly unfair or one sided Restatements - Answers american law institute gathers decisions of courts on many topics into restatements that summarize court decisions on many topics Executed Contracts - Answers where all the promises, obligations, and agreements have been fulfilled Executory - Answers parties still have duties to perform UCC Article 2 - Answers applies to the sale of goods Hybrid Contracts - Answers sale of both goods and services in the same contract Non-Contract Obligations - Answers 1. Quasi-contract- goods or services provided to another part without a contractual obligation- unjust enrichment 2. Promissory estoppel- one party relies on the promises of another and acts in reliance to their detriment Enforceable Contract - Answers meets all the legal requirements Void K - Answers no legal obligation created. One of the required components not present- voluntary agreement, capacity, legality, consideration Voidable K - Answers one or more of the parties has the right to cancel the contract if they choose, assuming certain conditions are present Express - Answers parties directly state the terms Implied - Answers surrounding circumstances and acts indicate an agreement has been reached Difiniteness - Answers state specifically what the offeror is willing to do and what is asked in return REwards - Answers usually treated as offers Auctions - Answers solicitations of offers Bids - Answers invitations to make an offer Rejection of the Offer - Answers 1. Expressly 2. By the counter offer Acceptance - Answers a manifestation of assent to the terms of the offer in the manner invited or required by the offer: 1. Intent to accept 2. Acceptance of terms proposed by the offer