Notes

Question 1

valid

Answer 1

one that has met all essentials of a contract

Question 2

void

Answer 2

no contract at all; should be void obligation

Question 3

voidable

Answer 3

a contract but one or more parties to contract can avoid their obligations (don’t have to)

Question 4

unenforceable

Answer 4

is a contract, but due to a technical reason the court can’t enforce it

Question 5

statute of limitations

Answer 5

outer limit that you can file a lawsuit

Question 6

executed vs executory

Answer 6

executed - contract that has been fully completed

executory - one or more promises haven’t been completed

Question 7

elements of an offer

Answer 7

communication and intent

Question 8

mistakes

Answer 8

unilateral vs mutual

unilateral - one party is making mistake, they are locked into contract, damages would be paid

if palpable unilateral mistake - obvious mistake, you won’t be held to it

Question 9

release under common law

Answer 9

release had to be signed, but some consideration must be received

UCC just has to have signed release