Module 9 (1&2)

Question 1

What is a “contract”

Answer 1

Any agreement between two or more parties, which is enforceble as a matter of law

Question 2

Does a contract neef to be a piece of paper

Answer 2

No

Question 3

In a contract, parties need to have an agreement that is _______ __________.

Answer 3

Legally enforceable

Question 4

What does it mean for a contract to be enforceable?

Answer 4

Certain conditions have to be fulfilled, if those conditions exist, its an enforced contract

Question 5

What happens if one or either person doesnt follow through with their half of the contract?

Answer 5

you can technically take them to court (most are delt with outside of court)

Question 6

How is buying a can of pop from a convenience store a contract?

Answer 6

Because its a “contract for the sale of goods”

Question 7

What are the terms of a contract?

Answer 7

Refund policies
Exchange policies

Question 8

What three considtions are there that makes an agreement a legal contract?

Answer 8

Offer (one side of the party has to make an offer)

Acceptance (if the other side agrees then that is the agreement that binds both sides)

Consideration (the price that is agreed upon)

Question 9

Explain Consideration in more dept

Answer 9

The party making the promise has to recieve some benefit, or, the party being promised something has to “suffer some detriment” (usually price)

Question 10

A contract can still be “weak” and difficult to enforce even with the three elements (offer, acceptance, and consideration), what would cause this?

Answer 10

Ambiguity

Question 11

What is Ambiguity?

Answer 11

Unclear terms of the contract, which can impact enforceability

Question 12

To ensure there is no ambiguity in a contract, there needs to be a what..? (saying)

Answer 12

“Meeting of the Minds”

Question 13

Why dont courts like ambiguous terms

Answer 13

Becasue they then have to fill in the gaps and figure out what the two parties meant when they originally wrote the contract
(more work)