Quiz 3/13/2025

Question 1

Legally Enforceable Contracts

Answer 1

Offer and Acceptance
Intention to create legal relations
consideration
certainty
legality
legal capacity
free consent

Question 2

Offer and Acceptance

Answer 2

An offer is extended from the offeror to the offeree. The offeree can then create the contract by accepting the offer. For the contract to be enforceable, both parties must have mutually assented to the terms without threat or intimidation.

Question 3

Intention to Create Legal Relations

Answer 3

Both parties must consider and intend to enter the contract (legally binding agreement). There must be a meeting of minds between the two parties (where both parties agree to the terms and conditions established in the contract).

Question 4

Consideration

Answer 4

A Promise or Performance that the Promisor requires as
the price of the promise. Can be either:
- Bargained-for Exchange: The promise or
performance that the promisor demands as the price of
the promise
- Benefit-Detriment Approach: The benefit received by
the promisor and the detriment incurred by the promisee

Question 5

Certainty

Answer 5

When creating a contract, the terms and conditions must be clearly established. For a contract to be accepted, both parties must clearly understand what is expected of both parties in the contract.

Question 6

Legality

Answer 6

The terms and conditions of the contract must be in accordance with the law in order for the contract to be legally binding (or just legal all together). Offering or accepting a contract with terms that violate the United States Laws is a crime.

Question 7

Legal Capacity

Answer 7

Meaning people are accountable for
making a contract only if they are mentally competent.
- If you make a contract with someone who lacks capacity, the
individual can get out of the contract without penalty.

EXAMPLES
1) Minors
2) Incompetent
3) Under the Influence

Question 8

Free Consent

Answer 8

If either party in the contract has been threatened or did not willingly enter the contract, the contract is then voidable.

Question 9

Problems of consideration

Answer 9

1) Adequacy of consideration
2) Forbearance of consideration
3) Illusory Promise
4) Preexisting Legal Obligation

Question 10

Summary

Answer 10

Offer & Acceptance
Intention to create legal relations
Consideration
Certainty
Legality
Legal Capacity
Free Consent