Podcast
Questions and Answers
What is exchanged between parties in a contract?
What is exchanged between parties in a contract?
- Mutual consent
- Written agreement
- Consideration (correct)
- Legal objectives
Which of the following elements is not necessary for the existence of every contract?
Which of the following elements is not necessary for the existence of every contract?
- Lawful objective
- Mutual consent
- Parties capable of contracting
- In writing (correct)
What type of contract is typically unenforceable due to lack of a necessary component?
What type of contract is typically unenforceable due to lack of a necessary component?
- Valid and binding
- Voidable at will
- Enforceable with conditions
- Illusory (correct)
Which scenario describes a contract that cannot be assigned unless allowed by agreement?
Which scenario describes a contract that cannot be assigned unless allowed by agreement?
A minor attempting to sell property through an adult intermediary may face which legal condition?
A minor attempting to sell property through an adult intermediary may face which legal condition?
What is the status of a contract if it has been rescinded?
What is the status of a contract if it has been rescinded?
Can a minor enter into a real estate contract?
Can a minor enter into a real estate contract?
What does it mean for a contract to be executory?
What does it mean for a contract to be executory?
If an agreement to transfer real estate is made orally, what is its enforceability status?
If an agreement to transfer real estate is made orally, what is its enforceability status?
When can an incarcerated prisoner convey a parcel of real property?
When can an incarcerated prisoner convey a parcel of real property?
In which of the following circumstances would a deed always be void?
In which of the following circumstances would a deed always be void?
Which of the following contracts would not be required under the statute of frauds to be in writing?
Which of the following contracts would not be required under the statute of frauds to be in writing?
What term refers to Scott's unconditional promise to perform his part of a purchase contract?
What term refers to Scott's unconditional promise to perform his part of a purchase contract?
What is evidenced by the meeting of the minds between buyer and seller in a contract?
What is evidenced by the meeting of the minds between buyer and seller in a contract?
Which of the following best describes rescission in contract law?
Which of the following best describes rescission in contract law?
Flashcards
Consideration
Consideration
Something of value exchanged by the parties to a contract. It can be money, goods, services, or anything else that has legal value.
Enforceable Contract
Enforceable Contract
A contract that is legally binding and enforceable in a court of law. It must meet all the requirements for a valid contract.
Unenforceable Contract
Unenforceable Contract
An agreement that is not legally binding because it lacks one or more essential elements of a valid contract. It cannot be enforced in court.
Illusory Contract
Illusory Contract
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Voidable Contract
Voidable Contract
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When is a deed void?
When is a deed void?
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What contract is covered by the Statute of Frauds?
What contract is covered by the Statute of Frauds?
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What is a covenant?
What is a covenant?
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How is meeting of the minds evidenced?
How is meeting of the minds evidenced?
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What is contractual rescission?
What is contractual rescission?
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Executory contract
Executory contract
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Rescind a contract
Rescind a contract
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Oral agreement in real estate transfer
Oral agreement in real estate transfer
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Void contract
Void contract
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Study Notes
Chapter 6 Quiz - Contract Law
- Consideration: Something of value exchanged by parties in a contract.
- Valid Contract: A contract that can be enforced even with conditions.
- Minor's Contract: A minor may not appoint an agent as they lack the capacity to contract. A contract with a minor is considered void.
- Convicted Felon's Property: A convicted felon can typically convey property freely, unless the transfer poses a threat to public safety.
- Contracts Not in Writing: Certain contracts, such as real estate agreements for ten years or more, are required by the statue of frauds to be in writing.
- Real Estate Contracts: Some contracts, including those for real estate transfers, are not valid unless in writing.
- Oral Real Estate Contracts: Oral contracts for the sale of real property may be enforceable under certain specific circumstances, like if payment has been made, or partially performed.
- Contract Rescission: To invalidate a contract. It returns parties to their pre-contract positions.
- Void Deed: A forged deed remains void even if held by a good faith purchaser. Also, a deed executed by a convicted felon, which could pose a public safety risk.
- Forged Deed: A forged deed is automatically void, regardless of circumstances.
- Capacity: A person must have the legal capacity to enter a contract. A minor, convicted felon, or mentally incapacitated person likely lacks capacity.
- Offer Termination: Rejection by the offeree ends a contract.
- Offeror vs. Offeree: The offeror makes an offer, and the offeree can accept or reject.
- Offer Rejection/Acceptance: A rejection by the offeree terminates the offer. An inquiry about terms does not cancel the offer.
- Meeting of the Minds: A contract is formed when buyer and seller show mutual agreement and understanding. This is often evidenced through offer and acceptance.
- Tender: A formal unconditional offer to perform a contractual obligation.
Additional Quiz Concepts
- Illusory Contract: A contract with a condition that leaves one party with no real obligation; this is unenforceable.
- Voidable Contracts: Contracts that can be voided by specific parties; an example is a contract with a minor.
- Assignment of Contracts: Some contracts—like lease agreements—cannot be transferred without consent.
- Executory Contract: A contract that hasn't been fully performed.
- Executed Contract: A contract that has been fully performed.
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