Contracts

Question 0

What is a unilateral contract?

Answer 0

Exchange of a promise for an act.

Question 1

What is a contract?

Answer 1

An enforceable exchange of promises

Question 2

What is a Void contract?

Answer 2

At its formation has an illegal object of defect.

Question 3

Quasi contract

Answer 3

A court imposed agreement to prevent the unjust enrichment of 1 party when the parties have not really agreed to an enforceable contract

Question 4

Legal offer

Answer 4

shows objective intent to enter into the contract, is definite it is communicated to the offeree.

Question 5

6 elements of a contract

Answer 5

1. Legal offer
2. Legal acceptance
3. Consideration
4. Genuine assent
5. Competent parties
6. Legal acceptance

Question 6

Legal acceptance:

Answer 6

An acceptance that shows objective intent to enter into the contract

Question 7

Genuine Assent

Answer 7

Contract is free of fraud “meeting standards”

Question 8

Fraud

Answer 8

Misrepresentation of a material fact made with intent to deceive the other party to a contract.

Question 9

Duress-

Answer 9

wrongful act or threat that prevents a party from exercising free will with executing a contract

Question 10

Undue influence

Answer 10

Mental coercion exerted by one party over the other party to the contract.

Question 11

Mistake

Answer 11

Error as to material fact.

Question 12

Competency

Answer 12

a persons ability to understand the nature of transaction and the consequences of entering into it at the contract was entered into.

Question 13

Legal object

Answer 13

Contract subject matter that is lawful under statutory an case law

Question 14

Parol (oral) evidence rule

Answer 14

When parties have executed a written agreement that is complete on its face, oral agreements made before or at the same time as, the written agreement are invalid.